Crypto traders lost more than $900 million over the past 24 hours amid falling rates of crypto-assets. In the morning of May 28, bitcoin (BTC) fell below $72.7 thousand, Ethereum (ETH) fell to $1.97 thousand – these levels are the lowest since early April. In percentage terms, the decline amounted to more than 4.5% and 5.5%, respectively, from the previous day’s high, RBC writes.
By 8:15 Moscow time quotations of BTC and ETH prices recovered slightly to the marks of $73 thousand and $1.98 thousand, respectively. Over the past 24 hours, the prices of almost all major cryptocurrencies, from the list of the 100 largest by capitalization, lost in the range of up to 14%.
The main drop in quotes occurred on the night of May 28. Against this background, over the past day crypto exchanges liquidated positions of more than 165 thousand traders for a total amount of more than $930 million, according to Coinglass. Of this amount, $870 million fell on long positions (longs) of those who bet on the growth of rates. The main losses were in the bitcoin and Ethereum markets – more than $500 million. For comparison, over the past 12 hours the sum of liquidated trading positions amounted to $768 million, over the past four hours – $538 million.
Negative dynamics is also observed in U.S. exchange-traded funds (ETFs). According to the results of the trading day on May 27, the total capital outflow from BTC-ETF amounted to $730 million, from ETH-ETF – $67 million. For BTC-based funds yesterday was the continuation of a continuous series of trading days of capital outflow: the total outflow amounted to more than $2.6 billion since May 15. For Ethereum, the continuous series of outflows began on May 11, and the cumulative outflows totaled $570 million.
