Crypto Market Slump Has Left Traders With Millions of Dollars in Losses

The cryptocurrency market has recently experienced a significant downturn, resulting in large losses for many investors.

Blockchain security company PeckShield found that on Monday morning, a whale portfolio designated as “0xac4e…7597f” that had a long position in perpetual Ethereum (ETH) contracts experienced liquidations worth 7,467.5 ETH, which equates to approximately $22.3 million.

Another trader, identified by the address “0x0b5a…d8c5,” had lost close to $6 million, accompanied by 2 other Ethereum whales who lost $5.8 million and $7.38 million respectively.

These losses were part of a larger market crash that resulted in the liquidation of over $1 billion in digital assets on various exchanges.

These liquidations occurred primarily on exchanges such as Binance, HTX, Bybit, BitMEX, and OKX. The largest single liquidation order took place on Huobi via the BTC/USD pair worth around $27 million.

Crypto traders on Binance lost around $415 million as the bears outnumbered the bulls over the weekend. Similarly, OKX saw losses of around $324 million, while Huobi traders lost approximately $148.7 million.