Leading blockchain data provider Santiment shared statistics that show how devastating Aug. 19 was for crypto traders
Sentiment, a feature-rich blockchain research platform, measures trader sentiment by analyzing messages on Crypto Twitter. Looks like there was a little optimism there yesterday.
Too many “rekt” on social media
According to the statistics shared by Santiment on its main Twitter account, its automated analysis system registered an impressive spike of pessimism on Twitter.
In 24 hours, accounts on Crypto Twitter used the word “rekt” more often than on any other day in over a year. Namely, this metric is overshadowed by the collapse of Terra (LUNA) and the continued May-June selloff.
The word “rekt” is among the most popular in crypto slang. It is a version of “wrecked” in broken English; traders use it to characterize forced liquidation of position or other types of failures in trading.
Yesterday, August 19, 2022, Bitcoin (BTC) fell below a monthly low of $20,800, while Ethereum (ETH) fell over 11% overnight to $1,600.
Over $560 million in longs erased in 24 hours
According to the statistics shared by the Coinglass tracker (formerly Bybt), on Aug. 19, over $562 million in long positions were erased across all assets.
Also, the “shortists” caused damages equivalent to $80 million. Interestingly, social media sentiment was worse yesterday than on June 13, when traders lost $1.15 billion in shorts and longs.
As such, yesterday was the second most painful day for crypto traders in Q2-Q3, 2022, in terms of aggregated volume of short/long liquidations across all assets.
