Ethereum (ETH) liquidations have surpassed those of Bitcoin (BTC) for the second time in the past seven days, according to data provided by Coinglass. This surge in Ethereum liquidations comes as the cryptocurrency market experiences a correction, with the global market capitalization falling from $2.53 trillion to $2.46 trillion over the past 24 hours.

In the past 24 hours, global crypto liquidations reached a staggering $195.11 million. Ethereum is currently leading the pack with a total of $64.75 million in liquidations, comprising $57.18 million in long positions and $7.57 million in short positions.

Bitcoin comes in second with $46.74 million in liquidations over the same period, consisting of $32.85 million in long positions and $13.89 million in short positions.

The dominance of long-position liquidations is a clear indication of the market correction underway, with traders who had taken long positions being forced to exit their positions due to the price drop.

This is the second time in the past week that Ethereum's liquidations have surpassed those of Bitcoin. On May 1, ETH witnessed $91.76 million in liquidations, while BTC's liquidations stood at $68.51 million.

According to data from Coinglass, the total crypto open interest declined by 2.12% in the past 24 hours and is currently sitting at $57.17 billion. Open interest is a measure of the total number of outstanding derivative contracts, such as futures and options, that have not been settled.

Data from Santiment further confirms the market correction, with the BTC total open interest dropping from $10.45 billion to $10.21 billion over the past 24 hours. The Bitcoin price also registered a 1.5% fall during the same timeframe, trading at around $64,200 at the time of writing.

Ethereum's open interest recorded a 1.7% decline over the past day, hovering at $4.89 billion. The Ethereum price has also taken a hit, falling by 2.7% in the past 24 hours and trading at around $3,110 at the time of reporting.

With the fall in global cryptocurrency open interest, lower price volatility would typically be expected for the leading digital assets. However, the significant liquidations observed for both Ethereum and Bitcoin suggest that the market correction may not be over yet, and traders should exercise caution in the near term.