Skip to content

Crypto bulls lose nearly $400M in the last 24 hours amid crash

Crypto bulls lose nearly $400M in the last 24 hours amid crash

The cryptocurrency market has crashed, with most cryptocurrencies registering double-digit losses since June 17. In this scenario, crypto bulls lost nearly $400 million in long position liquidations, with over 165,000 traders getting ‘rekt.’

Finbold retrieved data from CoinGlass showing a total liquidation of $440.24 million in the last 24 hours. Notably, $378.52 million was from long positions that reached their liquidation prices, with a dominance of Ethereum (ETH). On the other hand, short-sellers lost less than $62 million.

Crypto bulls of the leading Web3 and DeFi blockchain lost $68.44 million, while Ethereum bears lost $16.27 million. Moreover, the largest single liquidation occurred with an ETH pair against the USDC on Binance, a $6.44 million order.

According to CoinGlass‘s heatmap, “Others” cryptocurrencies had the second highest amount of liquidations, while Bitcoin (BTC) was the third most punished cryptocurrency, with $69.83 million lost in total from bears and bulls.

Liquidation Heatmap, 24 hours. Source: CoinGlass

Crypto bulls getting punished as volatility takes over to the downside

Overall, the market capitalization lost $136 billion from June 17 to the crash lows, as registered by TradingView‘s index. In particular, the Crypto Total Market Cap Index (TOTAL) dropped aggressively from $2.385 trillion to $2.249 trillion. It is currently at $2.293 trillion, slightly recovering from its worst moments today.

Crypto Total Market Cap Index (TOTAL), daily. Source: TradingView / Finbold

Interestingly, Finbold had been reporting bearish signs and indicators for the cryptocurrency market, especially for BTC and ETH. Bitcoin miners have capitulated aggressively with historical sell-offs, while Ethereum’s network value indicators hinted at an overvalued asset.

Analysts believe it is a good time to buy altcoins as crypto bulls got liquidated and de-leveraged their overall exposure. The TOTAL3 index, which refers to the capitalization of all cryptocurrencies, excluding Bitcoin and Ethereum, reached support at a $593 billion market cap, signaling a “once in a few years” opportunity.

However, crypto traders—either bulls or bears—must act cautiously in the following days, considering the increased volatility, and avoid leveraged trades.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.