Over $500,000,000 in Crypto Liquidated Amid Sell-Off As Ethereum Whales Flock to Stablecoins

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 a 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:

• XRP – $11.59 million
• Dogecoin (DOGE) – $9.12 million
• Cardano (ADA) – $8.10 million
• Chainlink (LINK) – $7.94 million
• Avalanche (AVAX) – $7.64 million
• Polkadot (DOT) – $6.70
• Gala (GALA) – $6.58 million
• Litecoin (LTC) – $5.90 million

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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The post Over $500,000,000 in Crypto Liquidated Amid Sell-Off As Ethereum Whales Flock to Stablecoins appeared first on The Daily Hodl.

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• Source: https://dailyhodl.com/2022/02/25/over-500000000-in-crypto-liquidated-amid-sell-off-as-ethereum-whales-flock-to-stablecoins/