Bitcoin's recent dip below $64,000 resulted in over $440 million in liquidation losses for futures traders. This drop also impacted major cryptocurrencies like
Ethereum,
Solana, and
Dogecoin, with predictions suggesting Bitcoin could further decline to $55,000. Long positions on Bitcoin alone suffered $100 million in losses, while Ethereum, Solana, and Dogecoin faced a combined $120 million in long liquidations.
The liquidations, occurring when traders fail to meet margin requirements for leveraged positions, were triggered by Bitcoin's downward trend, exacerbated by record-high outflows from Grayscale's GBTC. Despite this, some traders maintain a long-term bullish outlook, anticipating Bitcoin to rebound after potentially reaching the $55,000 level.
In the broader market, major tokens experienced significant declines, with ETH, SOL, and ADA dropping up to 8%, according to CoinGecko data. Despite short-term uncertainties, ongoing developments in the crypto space, including regulatory measures and investor sentiment, are expected to influence
future market movements.
Source:
CoinDesk
In the past 24 hours, both BTC and ETH experienced significant decreases in open interest in their
futures markets. Despite this, trading volume surged for both, with BTC seeing a 53.73% increase and ETH witnessing a 48.36% rise, indicating heightened market activity amidst the price drops. In addition, the slumps in prices of both BTC and ETH led to a notable increase in liquidations, particularly of long positions, which significantly surpassed those of shorts.
Total BTC Open Interest: $33.48B (-3.25%)
BTC Volume (24H): $144.08B (+53.73%)
BTC Liquidations (24H): $136.32M (Long)/$78.65M (Short)
Long/Short Ratio: 49.98%/50.02%
Funding Rate: 0.0205%
Ether Futures Updates
Total ETH Open Interest: $12.17B (-6.95%)
ETH Volume (24H): $62.64B (+48.36%)
ETH Liquidations (24H): $124.67M (Long)/$23.85M (Short)
Long/Short Ratio: 50.09%/49.91%
Funding Rate: 0.0131%
Top 3 OI Surges
DATA: $1.51M (+59.67%)
VANRY: $13.62M (+35.78%)
FTM: $331.60M (+32.31%)
