Over $407,000,000 in crypto has been liquidated in just 24 hours as Bitcoin (BTC) plummets to a four-month low
Tens of thousands of crypto traders are liquidating their positions as markets in numerous sectors end the week in the red.
Data from cryptocurrency futures trading and information platform Coinglass shows that as of May 5, more than $407.60 million worth of trader positions in digital assets were wiped out in a 24-hour period.
Amidst these losses, over $340.30 million worth of long positions were wiped out. Those who had been betting on the ongoing decline in crypto markets were not spared the volatility either, as $67.3 million worth of short positions were liquidated on the same day.
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Source: coin jar
” data-medium-file=”https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png?w=300″ data-large-file=”https://dailyhodl.com/wp -content/uploads/2022/05/liquidations2_coinglass_may6.png?w=1024″ loading=”lazy” class=”wp-image-201929 size-full” src=”https://dailyhodl.com/wp-content/uploads /2022/05/Capture-1.png” alt=”” width=”1385″ height=”267″/>Source: Coinglass
As crypto markets continue to tumble, some of the biggest liquidations Thursday through Friday came at the expense of Bitcoin (BTC) traders. More than 2,000 BTC worth $72.7 million were liquidated in 24 hours, followed by Ethereum (ETH) with $39.53 million.
A pair of newer altcoins, which had seen major rallies recently, were not spared the carnage as traders of Yuga Labs fitness app STEPN (GMT) and ApeCoin (APE) liquidated $7.36 million and $5.27 million, respectively.
<img data-attachment-id="201929" data-permalink="https://dailyhodl.com/2022/05/07/over-407000000-in-crypto-liquidated-in-just-24-hours-as-bitcoin-btc-plunges-to-four-month-low/liquidations2_coinglass_may6/" data-orig-file="https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png" data-orig-size="1385,267" data-comments-opened="0" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="liquidations2_coinglass_may6" data-image-description="" data-image-caption="
Source: coin jar
” data-medium-file=”https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png?w=300″ data-large-file=”https://dailyhodl.com/wp -content/uploads/2022/05/liquidations2_coinglass_may6.png?w=1024″ loading=”lazy” class=”wp-image-201929 size-full” src=”https://dailyhodl.com/wp-content/uploads /2022/05/liquidations2_coinglass_may6.png” alt=”” width=”1385″ height=”267″ srcset=”https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png 1385w, https ://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png?resize=300.58 300w, https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png? resize=768.148 768w, https://dailyhodl.com/wp-content/uploads/2022/05/liquidations2_coinglass_may6.png?resize=1024.197 1024w, https://dailyhodl.com/wp-content/uploads/2022/ 05/liquidations2_coinglass_may6.png?resize=750,145 750w” size=”(max-width: 1385px) 100vw, 1385px”/>Source: Coinglass
Analytical firm Santiment is also weighing up the crash, stressing that this week’s correction marks one of the biggest capitulation events for BTC over the past year.
“Bitcoin is experiencing its third-biggest week of capitulation in over a year as measured by its share of on-chain transactions at a loss.
The last time BTC was this far negative for this metric was Feb 16-22 when prices surged +20% over the following 9 days.”
Source: Santiment/Twitter
The firm also notes that amid the crypto market pullback, BTC saw a tremendous amount of on-chain activity.
“The dust is still settling over the crypto markets after yesterday’s mid-size correction. Bitcoin’s network yesterday had 1.17 million unique active addresses making transactions, which was the highest benefit since December 2, 2021.”
Bitcoin is currently trading sideways at $36,074 but remains 9.6% below its weekly high of $39,874 on Wednesday.
Ethereum is currently valued at $2,699, down 8.7% from its May 4 peak of $2,955.
STEPN is 7.49% cheaper on the day, changing hands for $2.48. A week ago, GMT was trading for almost $4.
ApeCoin hit a weekly high of $24.86 on April 30 but has corrected sharply and is trading at $13.36.
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Featured image: Shutterstock / Malyutin Nikita / Natalia Siiatovskaia
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