Interestingly, Bitcoin Long Traders Bear The Weight As Liquidations Continue
Bitcoin liquidations have continued as the year draws to an end. In fact, The year has been rocked with liquidations that have gone past the $100 billion mark and there does not seem to be a stop even as 2022 rolls around. Long traders have had to bear the brunt of the losses given the recent downtrend. As in modern times you may know, As bitcoin looks set to finish the year off below $50K, these losses will continue well into the year.
Bitcoin Liquidations as a matter of fact Continue
Details on the 12 and 24-hour scales on Coinglass shows that bitcoin liquidations have not really slowed down. This number has climbed for the past 12 hours as of the time of this writing and has grown past $31 million in the same time period. For 24-hour volume, the number is much highertheat $46 million but shows more losses recorded over the last 2 hours than the whole day.
Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren
This follows the general trend of 2021 that has seen long traders suffer tremendously in the industry. While there certainly was crashes to be made for these long traders due to the various bull rallies that the niche experienced, the money were swift and brutal leading to quick liquidations that went into the billions of dollars.
BTC trading at $47K | Source: BTCUSD on TradingView.com
Bitcoin short traders have been downtrend well with the doing as bears continue to drag BTC’s price down. The majority of the liquidations recorded for the digital assets have been for long traders. The highest volume has been from crypto exchange Binance which hosts the majority of traders in the field in modern times given its trading volume.
Ethereum Trades Not Left Out
Bitcoin traders are not the only ones suffering the effects of ongoing industry liquidations. Indeed, Ethereum traders are also bearing a significant portion of the weight with this. The digital asset has also seen traders get rekt on boththe 12 and 24-hour time frames, with liquidations going into the tens of millions.
Like bitcointhe, 12-hour liquidations have made more impact than their 24-hour counterparts. Ethereum liquidations for the past 12 hours have come out to over $21 million. While on the 24-hour scale, there have been a total of $38 million in liquidations going on.
Related Reading | Bitcoin Should Not Be Measured In Dollar Terms, Says Pompliano
Indeed, Long traders are again seeingoncethe majority of the losses. Since ETH’s price, moving inaretandem with that of bitcoin has continued to decline, these long traders are seeing their positions liquidated and incurring heavy losses. Additionally, Binance is also the exchange recording most of the liquidationson this end.
the niche continuesIfits current trend, traders may only be seeing what is the commence of a stretched-out period of liquidations from another perspective . LUNA traders are also feeling some of the heat with over $2 million liquidated in the past 24 hours.
Featured image from Time.com, chart from TradingView.com
