Ethereum (CRYPTO: ETH) traders saw $128 million worth of liquidations over the last 24 hours.
What Happened: Liquidation data from CoinGlass shows that both long and short ETH traders saw an equal amount of pain on Tuesday.
Around $62 million ETH longs were liquidated while short traders saw $65 million worth of liquidations. The largest number of liquidations took place on crypto exchanges OKX, FTX, and Binance.
The large number of high-value liquidations took place as the second-largest cryptocurrency was particularly volatile on Tuesday. As per data from Benzinga Pro, ETH traded between an intra-day low of $1,480 and an intra-day high of $1,600.
The #Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has #shorted, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions. https://t.co/DpG1E1TI9Y pic.twitter.com/e6xAWOXeFMAnalysts from blockchain market intelligence platform Santiment noted that the ETH funding rate dipped sharply on Aug. 28 and 29 and still remains relatively low.— Santiment (@santimentfeed) August 30, 2022
“Historically, price rises are more prevalent in these conditions,” stated Santiment on Twitter (NYSE:TWTR).
See Also: HOW TO BUY ETHEREUM (ETH)
Overall, the cryptocurrency market saw $236 million worth of liquidations over the last 24 hours. Bitcoin (CRYPTO: BTC) was the second-most liquidated asset after ETH, with $52 million worth of liquidations. Ethereum Classic (CRYPTO: ETH), the third most liquidated asset, saw comparatively moderate liquidations worth $6.29 million at press time.
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