Traders Lose $440 Million in 24 Hours Amid Cryptocurrency Decline
More than $400 million in cryptocurrencies were liquidated due to the recent downturn.
The cryptocurrency market experienced a significant drop in the last 24 hours. Most cryptocurrencies recorded double-digit losses since June 17. In this scenario, bullish investors, known as "bulls," lost over $400 million in long positions.
Price movements and liquidations affected more than 165,000 traders. A long position is one where an investor buys a stock or cryptocurrency expecting it to rise, then sells it.
According to CoinGlass data, total liquidations in the last 24 hours amounted to $440.24 million. Of this amount, $378.52 million were from long positions that reached their liquidation prices. The highlight of the crypto market was Ethereum (ETH). In contrast, short sellers, known as "bears," lost less than $62 million.
Investors in the leading Web3 and DeFi blockchain (Ethereum) recorded losses of $68.44 million. Meanwhile, Ethereum bears lost $16.27 million. Additionally, the largest individual liquidation occurred with an ETH/USDC pair on Binance, resulting in a $6.44 million order.
Cryptocurrency Market Liquidations
According to CoinGlass's heatmap, other cryptocurrencies had the second-highest amount of liquidations. Bitcoin (BTC) was the third most affected cryptocurrency, with total losses of $69.83 million among bulls and bears.
Overall, the market value fell by $136 billion from June 17 to the lowest point of the drop, as recorded by the TradingView index. Specifically, the Total Crypto Market Capitalization Index (TOTAL) fell sharply from $2.385 trillion to $2.249 trillion, currently recovering slightly to $2.293 trillion.
Experts had already reported bearish signals and indicators for the cryptocurrency market, especially for BTC and ETH.
In the last 24 hours, the price of Bitcoin (BTC) fell to its lowest level in a month after three consecutive days of outflows from its spot exchange-traded funds (ETFs).
