- crypto price spike liquidated In only one day, the price of Ethereum and Bitcoin rose to $3,800 and $71k, respectively, forcing over $9,000 worth of traders to abandon their holdings.
- Total liquidations reached $383 million, with $297 million in shorts and $86 million on longs.
- The market is upbeat about the SEC approving spot Ether ETF after the latest developments the regulator initiated late Monday.
According to Coinglass’s data, over 90,000 dealers had to give up their doors in the past 24 hours, selling $383 million. The rise in token values, such as Ethereum, Bitcoin, and Dogecoin, paid off over $297 million in short bets.
Due to the meteoric rise in crypto price spike liquidated on Monday and Tuesday, longs sold out almost $86 million worth of holdings. Coinglass said 93,833 dealers were gone on Tuesday at 11:40 am ET. The highest trade ever sold on BitMEX was an XBTUSD transaction for $4.26 million.
Ethereum traders see over $100 million in short liquidations
In the 24-hour liquidation, more than $131 million rekt was spent on Ethereum (ETH), the leading altcoin, due to its surge to more than $3,813 on May 21. There were $26.5 million in longs and $104.5 million in shorts. There was a sharp increase in Ethereum and Bitcoin (BTC) prices. The benchmark cryptocurrency saw a significant increase from Monday’s low of $ 6 to Tuesday’s high. Profits allow for the liquidation of positions totalling over $106 million, with $18 million going to longs and $88 million to shorts.
Nearly $24 million changed hands for Solana (SOL), with $5.9 million going to longs and roughly $17.9 million going to shorts. Dogecoin (DOGE) and Pepe (PEPE) dealt for $10.2 million and $7 million, respectively, in the past 24 hours. Gala (GALA), which experienced a significant security breach on Monday, was another token that saw noteworthy liquidation activity. Market maker DWF Labs bought 25 million GALA tokens and forecast a bright future in 24 hours. 2.69 million short positions and $2.1 million longs took place.
SEC’s potential apSEC’sl of spot Ether ETF boosts bulls
The legalization of spot Ethereum ETFs has boosted the cryptocurrency market, which has led to massive liquidations. Bloomberg ETF analysts have raised their likelihood of getting SEC approval from 25% to 75% following this event. Which followed the SEC’s request for SEC’s ETF issuers to file their 19b-4s by 10 am on May 21. In a note published on Tuesday, Geoff Kendrick of Standard Chartered Bank speculated. That the SEC may approve the first spot Ethereum ETF for the US market this week. Additionally, Standard Chartered anticipates Ethereum’s price will be $8,000 before the year ends. Based on the success of exchange-traded funds (ETFs), the bbank’sanalysts pprbank’sdin March. That BBitcoin’svalue mmaBitcoin’s15,000in 2024 and $250,000 by the end of 2025.
