More than 75,500 crypto traders were liquidated over the last 24 hours as prices of major digital assets retraced.
More than $260 million in long positions was liquidated across crypto markets.
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Posted July 25, 2024 at 5:47 am EST.
Wednesday’s selloff on Wall Street extended on to the crypto market, which saw a 3.6% decline to $2.3 trillion.
Bitcoin was trading at $64,260 at the time of writing, down 2.5% over the last 24 hours. Ether saw a steeper decline to $3,177, down nearly 8% over the same period.
The negative price action resulted in large scale liquidations, particularly for traders betting on higher prices for the top two digital assets. Data from Coinglass shows that crypto traaders saw $290 million worth of liquidations in the last day, of which more $260 million was liquidated from long traders.
Ether liquidations topped $102 million, while bitcoin liquidations exceeded $81 million. In total, over 75,500 traders saw their positions liquidated, with the single largest liquidations order taking place on a BTC/USDT pair on Binance at a value of $11.78 million.
The selloff comes just as bitcoin recovered from weeks of volatility, triggered by the German government selling coins, and Mt. Gox starting to make creditor distributions. As the price of bitcoin reclaimed the $68,000 mark earlier this week, a majority of short term BTC holders returned to profitability.
“The recent price surge has also been a welcome relief for Bitcoin Short-Term Holders (STHs), a proxy for new demand and recent buyers. This cohort saw over 90% of their supply fall into a loss in late July, putting them into a financially stressful position,” said analysts at Glassnode in their latest weekly newsletter.
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