Bitcoin has seen the most significant drop in nearly three months over the past 12 hours, hitting a low of $92,601. Although Ethereum's volatility is severe, overall it is on the rise, and funds seem to be flowing towards competing coins like ETH.
After approaching $99,000 yesterday (25th) evening, Bitcoin has continued to decline, dropping to a low of $92,601 around 6 AM today (26th), a one-night plunge of $6,000, which is about the most significant drop in nearly three months.
There has been a rebound before the deadline, currently reported at $94,106, down 3.22% in the last 24 hours.
As for Ethereum, despite the volatility, overall, the rebound strength is stronger, briefly exceeding $3,500 last night. Currently reported at $3,446, up 3.64% in the last 24 hours; other recently strong altcoins also show signs of resistance to declines.
Wintermute analyst indicated earlier that funds are shifting from BTC to ETH. Over the weekend, the open contracts for Ethereum surged, while implied volatility also increased, and the demand for call options noticeably rose, indicating that the confidence among derivatives traders is continuously strengthening.
In the past 24 hours, the entire network has seen liquidations of $520 million, with over 160,000 people liquidated.
Under the turbulent downward trend of Bitcoin, according to Coinglass data, the total liquidation amount in the cryptocurrency network reached $529 million in the past 24 hours, with long positions liquidated at $386 million and short positions liquidated at $142 million, affecting over 162,000 people.
