As markets across multiple sectors end the week in the red, tens of thousands of crypto traders are seeing their holdings liquidated.
According to Coinglass, a cryptocurrency futures trading and information platform, more than $407.60 million worth of trader positions in digital assets were wiped out in a 24-hour period on May 5th.
Long bets worth roughly $340.30 million were wiped out as a result of these losses. Those who bet on the crypto markets continuing to fall were not immune to the volatility, as $67.3 million in short positions were liquidated on the same day.
Some of the greatest liquidations from Thursday to Friday came at the cost of Bitcoin (BTC) traders as the crypto markets continued to fall. Over 2,000 BTC worth $72.7 million were liquidated in under 24 hours, followed by $39.53 million in Ethereum (ETH).
Traders of the fitness app STEPN (GMT) and Yuga Labs’ ApeCoin (APE) saw liquidations to the tune of $7.36 million and $5.27 million, respectively, as a result of the carnage.
Santiment, an analytics business, has also commented on the drop, stating that this week’s correction is one of the largest capitulation episodes for Bitcoin in the last year.
During the crypto market downturn, BTC saw a significant volume of on-chain activity, according to the firm.