Ethereum Hits 14-Month Low as $521mln Long Positions Get Liquidated in 24hrs

As Ethereum (ETH) and rest of the markets for cryptoassets are seeing yet another significant sell-off activity, thousands of cryptocurrency traders are having their holdings liquidated. According to data on cyptocurrency futures found on the website Coinglass, throughout yesterday, crypto holdings with a value of over $521 million have been completely wiped out.

During the course of the last day, long bets worth more than $443 million have been flushed, which means that traders who were counting on a rebound have been hit the most by the sell-off. Traders who were anticipating additional fall were not spared by the price fluctuations, as short positions totaling $86 million were crushed in the same span.

When the bears take possession of the cryptocurrency markets, Coinglass reports that Ethereum traders had severe losses on June 11-12th, at 168,000 ETH worth almost $245 million. These losses occurred as the bears took control of the cryptocurrency markets. While preparing this report, one Ether can be purchased for $1,349. This is a decrease of almost 7.8 percent in in the last 24 hours. Today, the price of Ethereum reached a 14-month low of $1,347, marking a new low point for the dominant smart contract platform.

Following close after ETH is Bitcoin (BTC). According to data provided by Coinglass, Bitcoin dealers lost a total of over 4,100 BTC yesterday, which is equivalent to $112.47 million. At the time of this writing, a single Bitcoin can be purchased for a price of $25,592, representing a loss of almost 7.1% in the last twenty-four hours. According to Coinglass’s findings, a total of 180,389 cryptocurrency dealers were forced to liquidate their positions in only one day.