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Crypto Market Lost $1.5B in Bull Positions in a Single Day — Largest Since March
On Monday, crypto traders faced liquidations of over $1.5 billion in long positions, triggering a sharp sell-off in Ether and several other coins, Bloomberg reports.
Ether briefly fell 9% to $4,075 — market participants liquidated nearly half a billion dollars in long positions on the second-largest cryptocurrency, according to Coinglass data.
Bitcoin dropped temporarily by 3% to $111,998. Other coins such as Solana, Algorand, and Avalanche also declined. According to Coinglass, this was the largest wave of liquidations in the crypto market at least since March 27.
“It seems the market needs a breather: some participants fear that the ‘DAT trade’ (digital asset treasury) is losing momentum, and no significant inflows are visible on the horizon,” said George Mandres, senior trader at XBTO Trading.
As a result of the sell-off, the total market capitalization of digital assets fell below $4 trillion, according to CoinGecko.
CryptoQuant reports that the funding rate on Ether perpetual futures turned negative, hitting its lowest level since last year’s carry-trade collapse in the yen. This indicates short positions are dominating.
Since early July, Bitcoin has mostly traded in the $110,100–$120,000 range amid low volatility. During this period, Ether and Solana were in the spotlight of crypto traders, gaining 74% and 52% respectively since early July.
See also: "Bitcoin: Price Holds Around $113K Amid Fed Rate Concerns"
