Recent data reveals a staggering $1.04 billion in liquidations within just 24 hours. This upheaval has seen many positions unwound, including those of high-profile figures in the crypto world. Notably, rumors have circulated on Twitter suggesting that Justin Sun, the influential founder of Tron, faced a liquidation.
The statistics paint a vivid picture of the turmoil. Long positions bore the brunt, with $898.57 million worth of liquidations compared to $139.79 million in short positions. Bitcoin alone saw $348.01 million in liquidations, predominantly from long positions ($299.21 million), while Ethereum faced $341.16 million, with long positions accounting for $296.41 million.
In this chaotic environment, 273,033 traders experienced liquidation events, with the largest single order—an impressive $27 million—executed on Huobi’s BTC-USD pair. These figures underscore the market’s current instability and the intense pressure on leveraged traders.
Despite the turbulence, Justin Sun has addressed the speculation surrounding his financial positions. Sun and his team have refuted claims of significant liquidations, stating that they rarely engage in high-risk leveraged trading. Instead, their focus remains on more stable and constructive industry contributions, such as staking, running nodes, and supporting project liquidity.
He reassured the community that the recent market fluctuations were not due to negative news and urged everyone to reject fear, uncertainty, and doubt (FUD). To further support the industry, Sun announced the creation of a $1 billion fund to combat FUD, increase investment, and provide liquidity.
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