$1.12B Worth of Crypto Liquidated as Market Goes Red

Ethereum (ETH) recorded the heaviest losses with over $428.11 million liquidated in a single day. Bitcoin(BTC) followed behind with $273.60 million in liquidations, while Solana recorded $75.20 million.  Other altcoins like Avalanche (AVAX), XRP, and Dogecoin(DOGE) also added to the sell-off. The single largest liquidation order, valued at $29.12 million, was recorded on Hyperliquid in the ETH-USD market.

 A Coinglass heatmap showed that Ethereum’s dominance in this wipeout was overwhelming as traders who had bet on the price going up face the majority of losses. An unlucky trader alone lost $45m during the dump.  According to a previous report, the trader also took a bet on Ethereum surge but lost his position as the price dropped below $4000 and left the trader with less than half a million dollars in the account.

The cryptocy has lost 5.92% of its gains today following the massive sell-off. At the time of writing, ETH is trading for $3,924, which is down from its daily high of $4,273. Bitcoin also dropped from its intra-day high of $113,660. Currently, it’s trading for $108.823. In fact, the overall market valuation is down by 3.95% to $3.73 trillion, according to CoinMarketCap.