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.

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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.

Kosta Gushterov