Mass Liquidations Hit Traders as Crypto Market Takes a Tumble

ETH

The crypto market has seen over $260 million liquidated in the past 24 hours as lows not seen since Nov are swept. Ethereum (RTH) accounted for most of the losses, followed by bitcoin (BTC).

Ethereum traders saw over 17,600 ETH liquidated, worth around $43 million. Bitcoin followed with $31 million liquidated, then LUNA with $2.77 million. The vast majority of these liquidations took place on OKex, FTX and Binance. In total, more than 69,000 traders lost their positions.

Liquidations hit ETH traders

Ethereum traders lost the most, with over 17,600 ETH liquidated, worth about $43 million. Bitcoin followed with $31 million liquidated, then LUNA with $2.77 million. The vast majority of these liquidations took place on OKex, FTX, and Binance.

The market had been swinging back and forth over the past few days, and bitcoin temporarily looked like it was breaking through $40,000 before dropping to its current price.

Inflows into exchanges have also been climbing, with Glassnode pointing out that the BTC exchange inflow volume (7d MA) reached a three-month high of 1,755.021 BTC.

The total crypto market capitalization has increased from $1.75 trillion to $1.62 trillion in the past day, with trading volume around $102 billion. Bitcoin’s market capitalization is around $638 billion, up from $1 trillion at its peak last year.

It remains unclear whether there was a specific trigger for the sell-off, but all markets are in the midst of a downturn, and crypto has not been spared.

This lends credence to the idea that the crypto market is aligning more with traditional markets. S&P 500 and Big Tech companies have been more highly correlated with crypto over the past 12 months. Correlation is a natural byproduct of the crypto market being more closely tied to the rest of the global economy.

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