More than 74,000 crypto traders saw liquidations worth $218.4 million over the last 24 hours.
What Happened: Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) saw some momentary relief on Sunday evening, before recording another sharp decline during the early hours of Monday morning.
ETH traders were the worst hit, seeing $76.46 million worth of liquidations over the last day, as per data from CoinGlass. The single largest liquidation order took place on crypto exchange OKX where the trader in question lost $2.32 million on an ETH-USDT perpetual swap.
BTC traders saw $60.73 million in liquidations over the same period. Comparatively minor liquidations were observed in other altcoin trading pairs. Among the tokens, Solana (CRYPTO: SOL) recorded $8.06 million in liquidations and Terra (CRYPTO: LUNA) traders lost $4.25 million on their open positions.
The majority of trades in the last day’s liquidations were open long positions, particularly in the ETH trading pairs which saw 79% of longs liquidated.
This comes in stark contrast to yesterday which saw the largest amount of ETH short liquidations – in excess of $666 million – over the last three years.
Mostly spot $ETH on binance.
— Zaheer (@SplitCapital) June 7, 2022
~100k ETH sold in 10 minutes, -20k ETH on derivs. pic.twitter.com/keZopM3q5W
Price Action: According to data from Benzinga Pro, the leading cryptocurrency Bitcoin (CRYPTO: BTC) was trading at $29,620, down 5% over the last 24 hours. Ethereum (CRYPTO: ETH) was down 6% and traded at $1,754.
