On-chain liquidations across decentralized finance protocols on Ethereum have reached a new yearly high, with a total of over $350 million in liquidated positions in the past 24 hours, according to data from analytics firm Parsec Finance.

This comes amid a substantial uptick in market volatility and a broad crypto market selloff. Earlier today, Bitcoin plunged to its lowest level since February, dropping below $53,000, while ether hit a six-month low of about $2,300.

The majority of these liquidations were concentrated in three major assets, affecting lending protocols. ETH collateral faced the brunt of the liquidations, amounting to $216 million over the past day. Wrapped staked ETH (wstETH) followed with liquidations totaling $97 million, and wrapped bitcoin (wBTC) also saw …