Bitcoin experienced its most significant decline in nearly three months over the past 12 hours, hitting a low of $92,601. Although Ethereum's volatility was intense, overall it was on the rise, and funds seem to be flowing into ETH and other competing coins.
After Bitcoin approached $99,000 yesterday evening (25th), it continued to decline, hitting a low of $92,601 around 6 AM today (26th), plummeting $6,000 overnight, marking the most significant drop in nearly three months.
There was a rebound before the deadline, currently reported at $94,106, down 3.22% in nearly 24 hours.
In terms of Ethereum, despite significant volatility, the overall rebound strength was stronger, briefly surpassing $3,500 last night. Currently reported at $3,446, up 3.64% in nearly 24 hours; other recently strong altcoins also show signs of resistance to declines.
Wintermute analyst earlier stated that funds are shifting from BTC to ETH. Over the weekend, Ethereum's open contracts surged, while implied volatility also increased, and demand for call options rose significantly, indicating that the confidence of derivative traders is continuously strengthening.
In the past 24 hours, the total liquidation reached $520 million, with over 160,000 people liquidated.
In the context of Bitcoin's volatile downward trend, according to Coinglass data, the total liquidation amount in the cryptocurrency market reached $529 million in the past 24 hours, with long positions liquidated at $386 million, while short positions liquidated at $142 million, affecting over 162,000 people.
