Liquidations and Market Orientation

A total of 76,107,915,877 Bitcoin and 45,301,864,290 Ethereum liquidated over $116 million. Only Bitcoin recorded $78.11 million in liquidations, which makes up a large portion of the $490.54 million in liquidations across the entire cryptocurrency market. Ethereum follows with $38.06 million in liquidations.

Despite the market correction over the weekend, Bitcoin's volatility remains relatively high. The market seems to expect BTC to trade in a sideways trend until December, with attention shifting to Ethereum in the near future.

Skewed risk reversals for ETH favor frontend calls, indicating strong demand for Ethereum's growth potential. In contrast, Bitcoin Call options have been more concentrated since December 27, 2024. BTC dominance has decreased from 62% to 59% over the past week, indicating a slow shift in investor interest from Bitcoin to Ethereum and other altcoins. While the influx of spot ETFs for Bitcoin remains strong, a large sell wall at $100,000 poses a barrier for BTC, preventing it from reaching six-digit territory.