Crypto bears are once again reeling from a marketwide rally, losing hundreds of millions of dollars as Bitcoin (BTC) and Ether (ETH) explode.
Data from the digital asset analytics firm Coinglass shows that crypto bears took the brunt of the damage, suffering losses to the tune of $589.49 million in the last 24 hours.
Traders who were betting that Bitcoin would fall after a sustained rally since late March were the most liquidated, losing $381.25 million over the past day as BTC soared to an intraday high of $78,347.
The largest crypto by market cap has given up some of its gains and is currently trading at $77,175.
Turning to Ethereum, traders who went short on the second-largest crypto asset suffered big losses as well, with total ETH liquidations coming in at $162.45 million.
ETH is currently trading at $2,420 after soaring to as high as $2,465 in the past day.
Meanwhile, traders who were betting that all coins would go up without looking back also got liquidated.
BTC and ETH traders who went long lost $37.10 million and $20.38 million, respectively, amid the volatility
Meanwhile, traders trying to time the oil market (WTI) through the decentralized crypto exchange Hyperliquid (HYPE) were also liquidated. Data shows that traders who went long XYZ:CL, which is a WTI oil mapping contract, witnessed losses of about $17.33 million.
Traders who were bullish on Bitcoin Ordinals (ORDI/USDT), the first fungible token created using the BRC-20 standard on the Bitcoin blockchain, got hit with $16.46 million in liquidations.
All in all, over $173.39 million in long positions were liquidated in the last 24 hours.
Coinglass adds that 170,073 traders were liquidated in the past day, with the largest liquidated order happening on Hyperliquid after a trader lost $15.75 million trading BTC/USD.
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