Cryptocurrency bulls lose almost 400 million in the past day during market crash
The world of digital currencies has taken a hit, as most cryptocurrencies have seen significant losses since June 17. In this downturn, crypto enthusiasts who were optimistic about the market lost close to $400 million due to their long positions being liquidated, leaving over 165,000 traders in a tough spot.
Data collected by Finbold from CoinGlass reveals a total liquidation of $440.24 million within the past 24 hours. Notably, $378.52 million was lost from long positions, with Ethereum (ETH) being the most dominant. On the flip side, short-sellers faced losses of less than $62 million.
Supporters of the top Web3 and DeFi blockchain projects suffered a loss of $68.44 million, while Ethereum bears lost $16.27 million. The biggest single liquidation was an ETH pair against USDC on Binance, totaling $6.44 million.
According to CoinGlass’s heatmap, “Others” cryptocurrencies ranked second in terms of liquidations, while Bitcoin (BTC) came third, with a total loss of $69.83 million from both bears and bulls.
The cryptocurrency market experienced a decline of $136 billion from June 17 to the lowest point of the crash, as reported by TradingView’s index. Specifically, the Crypto Total Market Cap Index (TOTAL) plummeted from $2.385 trillion to $2.249 trillion. It has since climbed back to $2.293 trillion, showing some signs of recovery.
Finbold had previously highlighted bearish signals for the market, particularly concerning BTC and ETH. Bitcoin miners have been selling off aggressively, while Ethereum’s network value indicators suggest an overvalued asset.
Experts suggest that now might be a good time to consider investing in alternative coins, as crypto bulls have been forced to liquidate and reduce their exposure. The TOTAL3 index, which excludes Bitcoin and Ethereum, hit a support level at a market cap of $593 billion, indicating a rare opportunity for investors.
Although the market seems to be stabilizing, caution is advised for both bullish and bearish traders due to the increased volatility and the risks associated with leveraged trades.
Disclaimer: This article is not intended as investment advice. Investing in cryptocurrencies is speculative, and there is a risk of losing your capital.