Ethereum (ETH) Sees $128M Liquidations In A Day: 'Trader Disbelief Strong During Volatile Week'

Ethereum (CRYPTO: ETH) traders saw $128 million worth of liquidations over the last 24 hours.

What Happened: Liquidation data from CoinGlass shows that both long and short ETH traders saw an equal amount of pain on Tuesday.

Around $62 million ETH longs were liquidated while short traders saw $65 million worth of liquidations. The largest number of liquidations took place on crypto exchanges OKX, FTX, and Binance.

The large number of high-value liquidations took place as the second-largest cryptocurrency was particularly volatile on Tuesday. As per data from Benzinga Pro, ETH traded between an intra-day low of $1,480 and an intra-day high of $1,600.

The #Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has #shorted, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions. https://t.co/DpG1E1TI9Y pic.twitter.com/e6xAWOXeFM

— Santiment (@santimentfeed) August 30, 2022

Analysts from blockchain market intelligence platform Santiment noted that the ETH funding rate dipped sharply on Aug. 28 and 29 and still remains relatively low.

“Historically, price rises are more prevalent in these conditions,” stated Santiment on Twitter.

See Also: HOW TO BUY ETHEREUM (ETH)

Overall, the cryptocurrency market saw $236 million worth of liquidations over the last 24 hours. Bitcoin (CRYPTO: BTC) was the second-most liquidated asset after ETH, with $52 million worth of liquidations. Ethereum Classic (CRYPTO: ETH), the third most liquidated asset, saw comparatively moderate liquidations worth $6.29 million at press time.