According to the recent data provided by cryptocurrency futures trading and information platform, Coinglass, hundreds of thousands of crypto traders saw their positions being liquidated as Bitcoin, Ethereum, and other cryptocurrencies experienced a massive sell-off event.
Coinglass reveals that $1.01 billion worth of trader positions in cryptocurrencies were liquidated within the last 24 hours.
Crypto traders who were expecting a recovery bore the burden of the correction as relatively $750 million worth of long positions got wiped out in the past day. Those who were betting that crypto will go down in a straight line saw about $200 million liquidated over the same period.
Traders who were trying to time Ethereum (ETH) on the 9th of May suffered the biggest loss as 152,380 ETH worth nearly $340 million were wiped out. At the time of filing this report, ETH is trading at $2,388, with about a 3% price upsurge in the last 24 hours, according to CoinMarketCap.
Bitcoin traders were also not spared by the market crash as 11,040 BTC worth $333.53 million were decimated as the flagship crypto dips to $30,290, a level not seen since July of 2021.
Coming in at number three is decentralized finance (DeFi) payment network Terra (LUNA). According to Coinglass, 1.97 million LUNA worth over $55 million were liquidated over the last 24 hours.