Cryptocurrency markets have experienced a so-called “bloodbath” and tens of thousands of traders have experienced massive liquidations of their positions. of the losses Bitcoin (BTC) concentration is not surprising.
According to data from cryptocurrency futures and information platform Coinglass, over $407.6 million in positions were liquidated on May 5, with such a large amount in just 24 hours frightening.
Among those losses, a long position worth over $340.30 million was erased. Those who bet on the continued decline of the crypto markets also suffered from this volatility, as $67.3 million worth of short positions were liquidated on the same day.
As crypto markets continue to decline, most of the biggest liquidations Thursday through Friday came from Bitcoin (BTC) traders. Over 2000 BTC worth $72.7M and $39.53M in just 24 hours Ethereum (ETH) was liquidated.
A pair of new altcoins that have seen massive rallies lately have not been spared the carnage, as fitness app STEPN (GMT) and ApeCoin (APE) traders witnessed liquidations of $7.36 million and $5.27 million, respectively.
Analytical firm Santiment also emphasized the possibility of collapse, emphasizing that this week’s correction marks one of the biggest capitulation events for Bitcoin last year.
“Bitcoin is experiencing its third-largest week of capitulation in more than a year in terms of lossy on-chain transactions. The last time BTC was this negative for this metric was February 16-22, when prices rose +20% over the next 9 days.”
Santiment also highlighted that Bitcoin witnessed a large amount of on-chain activity during the crypto market pullback. According to Santiment, the number of addresses transacting on the network was 1.17 million yesterday.
Bitcoin is currently trading sideways at $36,074 but is down 9.6% from its weekly high of $39,874 on Wednesday. Ethereum, on the other hand, is currently trading at $2,699, down 8.7% from its high of $2,955 on May 4. STEPN is trading at $2.48, down 7.49% on the day. A week ago, GMT was trading at around $4. ApeCoin hit $24.8 weekly on April 30, but corrected sharply and is trading at $13.36.
You can follow the current situation in the crypto money markets on this page.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.