Over $41 million of ETH long positions have been liquidated as Ethereum prices flash crash from their April peaks, Coinglass data on April 19 reveals.

From the $41 million ETH longs liquidated, a big chunk is in OKX and Binance. These are some of the world’s largest cryptocurrency exchanges that support the derivatives trading of crypto assets. 

By supporting margin, perpetual futures, and other derivatives, OKX and Binance traders can use leverage to trade bigger positions than they would ordinarily be able to. Although leverage can amplify gains, it risks the trader’s account when prices move against their prediction. 

The drop of ETH prices from $2,100 moved against leverage traders in, among other platforms, Binance and OKX, leading to tens of millions of dollars being liquidated.

(by Dalmas Ngetich)