Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead
May 21 2024 - 8:30AM
NEWSBTC
As the Bitcoin and Ethereum prices hav barreled toward a new
all-time high, short-term traders have been suffering the brunt of
the liquidations. In the last day alone, over $330 million was
liquidated from the crypto market and the majority of this has been
from short traders who expect prices to fall once again. Over
78,000 Traders Liquidated For $330 Million Coinglass data shows
that the last 24 hours have been brutal for crypto traders. In this
short time, more than 78,000 crypto traders have seen their
positions liquidated, leading to hundreds of millions of dollars in
losses. Related Reading: Bitcoin Retail Investors Are Dumping Amid
Jump To $67,000, Why This Is Good For Price In total, there have
been $330 million in liquidations. Out of this figure, 81.42% were
positions belonging to short traders, meaning they made up $268.76
million of the total figure. Long traders only made up $61.31
million in the liquidations. Contrary to the established trend,
Bitcoin did not lead liquidations this time around, instead falling
behind Ethereum. This is understandable as the Ethereum price had
risen over 20% in the 24-hour period, whereas the Bitcoin price
maintained gains of around 6%. Ethereum liquidations accounted for
around 32% of the total figure, coming out to $105.13 million at
the time of writing. The largest single liquidation event also
happened on an ETH-USDT pair on the Huobi exchange, costing the
trader $3.11 million. In constrast, Bitcoin liquidations came out
to $96.53 million, but just like Ethereum, the figure was made up
by a majority of short traders. Following behind Bitcoin is Solana
with liquidations of $21.53 million. Other coins which saw
substantial liquidations include Dogecoin with $7.42 million and
PEPE with $4.3 million. Bitcoin And Ethereum Lead Market Rally The
market rally that has shaken the market in the last day has mostly
been led by Ethereum, with Bitcoin throwing in support. The United
States Securities and Exchange Commission (SEC) asked exchanges to
update their 19b-4 filings, which are important to any Spot ETFs
being approved. Related Reading: Crypto Analyst Sounds Warning
Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why
Given this, the market sentiment had picked up as the expectation
for the approval of Spot Ethereum ETFs spread. During this time,
Bloomberg analysts James Seyffart and Eric Balchunas also reviewed
their approval odds for the funds, taking it from a low 25% to a
high 75%. During this time, the price of Ethereum went from
trending around $3,100 to rising above $3,700. At the same time,
the Bitcoin price jumped above $71,000, triggering one of the best
days for the crypto market so far in 2024. Featured image from
Dall.E, chart from Tradingview.com
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