Hundreds of thousands of crypto traders are liquidating their positions as Ethereum (ETH) and the rest of the digital asset markets see yet another massive sell-off.
More than $521 million worth of bitcoin holdings have been obliterated in the previous 24 hours, according to data from cryptocurrency futures trading and research portal Coinglass.
Traders speculating on a relief rally bore the brunt of the sell-off, as over $443 million in long bets were wiped out over the course of the day. Traders expecting further losses were also not spared by the volatility, as $86 million worth of short positions were crushed in the same span.
As bears gain control of the cryptocurrency markets, Coinglass reports that Ethereum traders lost 168,000 ETH worth almost $245 million between June 11th and June 12th.
At the time of writing, Ethereum is trading at $1,459, a loss of nearly 12% in the last 24 hours. The largest smart contract platform, Ethereum, has dropped to a 14-month low of $1,425 today.
Bitcoin follows closely behind ETH (BTC). Bitcoin dealers lost almost 4,100 BTC worth $112.47 million in the last day, according to Coinglass data.
