Crypto traders are getting hammered with liquidations, with Ethereum (ETH) bulls seeing the worst of it.
According to data from Coinglass, traders have been hit for $448 million in the last 24 hours, with ETH suffering nearly $158 million in liquidations alone.
Bitcoin (BTC), the largest crypto by market cap, has caused nearly $129 million in liquidations during that same period. Ethereum Classic (ETC) has triggered almost $20 million, XRP nearly $10 million and Solana (SOL) has seen nearly $5.5 million during that time.
All the while, the US Dollar Index (DXY), a market gauge indicating the strength of the US dollar versus a basket of other fiat currencies, is approaching a 20-year high. Traditionally speaking, a strong DXY signals weakness in risk-on assets such as cryptocurrency.