Crypto bulls suffer a loss of almost 400 million in the past day during market downturn
The world of digital currencies has experienced a significant downturn, with a majority of cryptocurrencies seeing steep losses since June 17th. During this period, crypto enthusiasts suffered losses amounting to nearly $400 million in liquidated long positions, leaving over 165,000 traders in a state of distress.
Data collected by Finbold from CoinGlass reveals a total liquidation of $440.24 million in the past 24 hours. Out of this amount, $378.52 million came from long positions that hit their liquidation points, with Ethereum (ETH) being the most affected. Conversely, short-sellers incurred losses of less than $62 million.
In the realm of Web3 and DeFi blockchain, crypto bulls faced a loss of $68.44 million, while Ethereum bears saw a decrease of $16.27 million. The largest liquidation took place on Binance, involving an ETH pair against USDC, resulting in a $6.44 million order.
According to the heatmap provided by CoinGlass, “Others” cryptocurrencies experienced the second-highest number of liquidations, while Bitcoin (BTC) ranked third, with a total loss of $69.83 million from both bears and bulls.
The market capitalization witnessed a decline of $136 billion from June 17th to the lowest point of the crash, as indicated by TradingView’s index. Specifically, the Crypto Total Market Cap Index (TOTAL) plummeted from $2.385 trillion to $2.249 trillion, but has since slightly recovered to $2.293 trillion.
Finbold had been warning of bearish signals and indicators for the cryptocurrency market, particularly concerning BTC and ETH. Bitcoin miners have been selling off aggressively, while Ethereum’s network value indicators suggest an overvaluation.
Experts suggest that now may be a favorable time to invest in alternative coins, as crypto bulls have been liquidated and reduced their overall exposure. The TOTAL3 index, which excludes Bitcoin and Ethereum, has reached a support level at a $593 billion market cap, signaling a rare buying opportunity.
However, caution is advised for crypto traders, whether bullish or bearish, due to the heightened volatility in the market. It is recommended to avoid leveraged trades and approach the following days with prudence.
Disclaimer: The information provided in this article should not be considered as investment advice. Investing in cryptocurrencies carries risks, and capital is always at stake.
