Bitcoin ETF's debut ended in losses
🔻The debut of bitcoin exchange traded funds (ETFs) in the US has resulted in significant liquidations for futures traders.
🔺After bitcoin funds began trading, its prices briefly rose to more than $49,000, causing other cryptocurrencies to rise.
🔻 However, the initial enthusiasm gradually faded and bitcoin prices returned to pre-ETF levels.
🔺The price volatility led to the liquidation of both long and short positions in bitcoin futures, resulting in significant losses.
🔻 In total, losses of over $230 million were incurred as a result of liquidations on various futures products.
❗️Conclusion: The urge to get rich quick will never go unpunished. Only use futures to hedge a cash position.
