Crypto markets are witnessing massive liquidations as the period of stagnation pushes deep-pocketed investors into adopting less volatile currencies such as stablecoins.
According to digital assets-focused market intelligence platform Coinglass, nearly 1750,000 traders have liquidated their crypto assets in the past 24 hours, with $675.82 million in total money flushed.
Flagship cryptocurrency Bitcoin (BTC) saw the biggest drop with staggering $259.62 million in market value wiped out in the past 24 hours while top smart contract platform Ethereum (ETH) followed with $206.04 million in losses.
Ethereum-challengers and layer-1 solutions Terra (LUNA) and Solana (SOL) suffered losses of $15.07 million and $14.69 million, respectively.
Other top crypto assets incurring the largest losses are:
Data from whale-watching platform WhaleStats shows that the top 1,000 richest ETH wallets in the world are loading up on stablecoins amid the market sell-off.
During the last day, dollar-pegged stablecoin Tether (USDT) has become the second-most purchased token among Ethereum whales, with an average purchase amount of $96,745, according to WhaleStats.
Fellow stablecoins Binance USD (BUSD) and USD Coin (USDC) are on the second and third spot on the list with average purchase amounts of $78,964 and $23,303, respectively.
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