With everyone paying attention to the upcoming launch of spot ETF products on July 23, Ethereum has received a new impetus for development. The world's second-largest cryptocurrency reached $3,400 for the first time since June 3.
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Over the past 24 hours, more than $184 million blocked in derivatives positions have been liquidated. In this case, bearish traders lost almost $150 million of the total amount.
The sharp growth of Bitcoin led to an increase in open interest in it by 5.25%, which indicates the entry of new funds into the market.
However, the number of traders who bet on the asset going up has decreased compared to the number of those betting on the downside.
At the time of writing, the Cryptocurrency Fear and Greed Index reads "Greed", indicating a significant change in market sentiment after last week's period of fear and anxiety.
According to the scenario, Bitcoin could break through the $60,000 to $61,000 level and then test it again. The longer this process takes, the more reliable the further âbottomâ will be.
