US regulators have approved the listing of spot Ethereum ETFs but have not yet allowed trading.
Cryptocurrency markets experienced intense volatility on Thursday as traders eagerly awaited the US regulator's decision to list Ethereum spot ETFs.
In the tense hour leading up to the final approval, ETH first fell to $3,498 around the time of the traditional US market close, then spiked to nearly $3,900 as reports emerged. Confirmation about the approval appeared and eventually stabilized above $3,800 after confirmation.
15-minute price chart on Binance
Bitcoin (BTC) also went through a similar period of stress, falling to a low of $66,000, then rising to $68,300 before falling below $68,000. However, ETH has had a stronger performance, up 1.5% over the past 24 hours, compared to BTC's nearly 3% decline over the same period.
Amid the wild volatility, liquidations across all leveraged crypto derivatives positions spiked to more than $350 million on the day, the highest since May 1, according to data from CoinGlass.
Source: CoinGlass
Liquidation occurs when an exchange closes a leveraged trading position due to the loss of some or all of the trader's initial funds or “margin” – if the trader fails to meet margin requirements or does not have enough funds to keep the position open.
The majority of the liquidated positions were bullish long bets, worth about $250 million, suggesting over-leveraged traders were caught off guard by the sudden drop in prices. ETH traders suffered the largest losses, with $132 million liquidated, followed by $70 million from liquidated BTC derivatives positions.
Source: https://tapchibitcoin.io/da-co-hon-350-trieu-do-la-bi-thanh-ly-trong-khi-thi-truong-cho-doi-quyet-dinh-ve-etf- ethereum-delivery-spot.html
