Hundreds of thousands of crypto traders are liquidating their positions while Bitcoin (BTC) and the rest of the digital asset market witness a massive sell-off.
Data from crypto futures trading and information site Coinglass shows that trader positions in $1.01 billion worth of crypto assets have been wiped out over the past 24 hours.
Traders expecting a rebound took the brunt of the correction felt as nearly $750 million worth of long positions were liquidated over the past day. The volatility also took a toll on those betting that crypto would go down in a straight line, as nearly $200 million worth of short positions were wiped out over the same period.
Source: coin jar
With bearish momentum taking over crypto markets, traders were looking to buy time Ethereum (ETH) suffered the largest liquidations of 152,380 ETH worth nearly $340 million on May 9th. At the time of writing, ETH is changing hands at $2,272, down over 10% in the last 24 hours.
Bitcoin traders weren’t spared from the market crash either, as 11,040 BTC worth $333.53 million was decimated as the leading crypto asset post market capitalization crashed to $30,290, a level not seen since July 2021.
The decentralized financial payment network Terra (LUNA) comes in third. Coinglass reports that 1.97 million LUNA worth over $55 million were withdrawn in the past day.
LUNA is trading at $37.52, down over 40% in just 24 hours.
All in all, Coinglass reports that 259,220 traders have been wiped out in the last 24 hours.
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Source: Crypto News Deutsch