Crypto Market Plummets $140B as Key Stakeholders Sell

The cryptocurrency market has been hit hard over the past 24 hours, with a total capitalization loss of $140 billion.

This decline has pushed the market to its lowest level since early April, with many traders facing liquidation. According to Coinglass, a staggering $1.63 billion in liquidations occurred within this timeframe, affecting around 89% of long positions held by traders, particularly those invested in Bitcoin and Ethereum.

The situation has been exacerbated by key stakeholders offloading their assets. As revealed by Santiment on Wednesday, Bitcoin whales and sharks holding between 10 to 10,000 BTC have dumped a total of 24,602 units over the past week. Meanwhile, Bitcoin micro traders holding less than 0.01 BTC have accumulated just 61 units during the same period.