The crypto market gave in to a rug-pulling in the early hours of Monday leading to massive losses across almost all cryptocurrencies. Altcoins such as $SOL, $XRP and $ADA are some of the worst-hit, severely bleeding with no signs of improvement on their prices. Traders who had opened long positions on these altcoins are now recounting losses valued at $620 million.
Solana, Ripple and Cardano are some of the biggest altcoins’ losers in Monday’s unexpected decline. While Solana has bled by almost 13%, XRP and ADA have had their respective losses of 11% and 10%. Affected traders had opened their long positions in anticipation of an uptrend based on recent analysis. The market had only retraced two weeks ago with Bitcoin falling from a high of $52k. So an upside move was expected next.
Market Declines Dash Traders’ Uptrend Expectations
The longs liquidated in the latest decline accounts for 91% of all long positions opened. During a similar decline two weeks ago, over $2.8 billion worth of longs positions were liquidated, signifying the expectations of an uptrend that were not met just like the recent one.
Available data presented by crypto data aggregator Bybt reveal that $620 million worth of liquidations occurred in the last 24 hours. Flagship cryptocurrency, Bitcoin accounts for $220 million liquidated positions, with Ethereum trailing behind at $126 million.
XRP was in the third position with $45 million worth of liquidations. Respectively, $26 million, $14 million, $13 million and $10 million were lost on the following altcoins- Solana ($SOL), EOS, Cardano ($ADA), Avalanche (AVAX). The prices of these altcoins had equally bled by significant percentages.
Meanwhile, some short positions were liquidated as well, but not as high as the liquidated long positions. Bybt’s data shows $52 million short liquidations. Short traders means those who had bet on lower prices for their selected digital assets.
Bybit Exchange Leads in the Wave of Losses
Just like the last time, futures crypto exchange, Bybit is at the top of the pecking order in terms of exchanges that witnessed the most losses. Bybit traders lost $240 million, the highest loss amongst others. Leading crypto exchange, Binance registered the second-largest loss valued at $135 million. Other exchanges like OKEx and FTX recorded losses as well- $117 and $76 million, respectively.
Overall, almost 140,000 traders suffered liquidations. Bitcoin positions on Bybit valued at over $7 million are the largest of all liquidated positions. The price of the top crypto asset has moved from $48k, where it has been ranging since last week to $44k as the new week begins. Bitcoin has moved back up to $45k, but just like similar incidents, open interest in the market has declined as traders are unwilling to enter the market again due to the price fluctuations.