Several alternative currencies face increasing liquidation risks during the Christmas week of 2026. Liquidation maps show clear imbalances, while open interest has sharply increased.
Which alternative currencies are at risk, and what are the drivers that investors should monitor when holding long or short positions? The following analysis explains the details.
1. Ethereum (ETH)
The 7-day ETH liquidation heatmap indicates that potential long liquidations far exceed short liquidations.
If ETH drops to the $2,660 range during the Christmas week, total long liquidations could exceed $4 billion. In contrast, total short liquidations could reach $1.65 billion if ETH rises to $3,370.
Factors that traders in buying positions should monitor to mitigate risks:
Arthur Hayes recently transferred 508.6 ETH (approximately $1.5 million) to Galaxy Digital. This move has sparked speculation that he may be reducing his exposure to Ethereum.
The Coinbase premium index for Ethereum turned negative in the third week of December. If selling pressure from Coinbase escalates, ETH prices may decline further in the coming days.
ETFs saw inflows of $643.9 million last week. This trend reflects broader selling pressure across the market.
If these factors double, they could lead to a sharp bearish scenario. Such a move could trigger widespread liquidation among longing traders.
2. Midnight (NIGHT)
Midnight (NIGHT) has recently garnered significant attention from traders. Open interest surged from $15 million to over $90 million within two weeks.
Liquidation data indicates that traders generally expect NIGHT prices to continue rising. As a result, traders betting on bullish scenarios may face larger losses due to increased capital and leverage usage.
Cardanians, a company managing Cardano stake pools, reported that NIGHT is now recording a daily trading volume of $6.8 billion. This figure exceeds the combined volumes of SOL, XRP, and BNB. Despite the surge in trading volume, NIGHT recorded its first daily red candle today after seven consecutive days of gains. This indicates increasing selling pressure.
Additionally, investor Blutus, citing data from DexHunter, stated that 100% of current NIGHT holders who bought on the market are making profits. These holders can take profits at any time.
These signals serve as a warning that profit-taking pressure on NIGHT may increase this week.
Heatmap liquidation charts show that if the rapid liquidation price drops to $0.077, cumulative long liquidations could reach $15 million.
3. Audiera (BEAT)
A recent report from BeInCrypto revealed that BEAT has surged over 5000% since its launch in November. The token reached an all-time high of $4.99.
However, many traders appear to be dissatisfied and continue to expect more upside. This sentiment seems to be reflected in the liquidation data, where potential long liquidations significantly outweigh short liquidations.
Some traders have expressed concerns about the potential for price manipulation. These concerns are similar to the 75% crash of BitLite (LIGHT). Supporting notes include:
BEAT dropped by 30% in one hour, then rebounded by 50% in just one minute. Such sudden price fluctuations may be the result of manipulation by large wallets.
The official Audiera website is still unavailable. The official project account on X shows no updates other than posts announcing that BEAT is one of the largest gainers.
The market data platform CoinAnk has issued warnings regarding the risk of liquidation.
"In a negative funding rate environment, while the cost of holding short positions remains low, extreme volatility in $BEAT could easily lead to successive liquidations—affecting both long and short positions alike."
If BEAT drops below $3, total long liquidations could reach $10 million.
