Hundreds of thousands of crypto traders are getting their positions liquidated as Bitcoin (BTC) and the rest of the digital asset market witness a massive sell-off event.
Data from cryptocurrency futures trading and information site Coinglass reveals that $1.01 billion worth of trader positions in crypto assets were wiped out in the last 24 hours.
Traders who were expecting a bounce took the brunt of the correction as nearly $750 million worth of long positions were liquidated in the past day. The volatility also exacted a toll on those betting that crypto will go down in a straight line as close to $200 million worth of short positions were wiped over the same time period.
Source: Coinglass
With bearish momentum taking over the crypto markets, traders who were trying to time Ethereum (ETH) on May 9th suffered the biggest liquidations to the tune of 152,380 ETH worth nearly $340 million. At time of writing, ETH is changing hands for $2,272, down over 10% in the last 24 hours.
Bitcoin traders were also not spared by the market crash as 11,040 BTC worth $333.53 million were decimated as the leading crypto asset by market cap plunges to $30,290, a level not seen since July of 2021.
Coming in at number three is decentralized finance payment network Terra (LUNA). Coinglass reports that 1.97 million LUNA worth over $55 million were taken out 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 were obliterated in the last 24 hours.
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