Bitcoin and Ethereum Showed No Mercy to the Bears: 325 Million Dollars Dissolved!

As the possibility of spot ETF approval for Ethereum increases, hundreds of millions of dollars worth of futures positions in the cryptocurrency market have been liquidated.

Bitcoin, Ethereum and cryptocurrencies have made a sharp exit from the correction wave that has been going on for a while. There was a huge rise in prices after Bloomberg ETF analysts James Seyffart and Eric Balchunas increased the probability of spot Ethereum ETF approval from 25% to 75%.

While Ethereum price increased by more than 20%, Bitcoin's rise remained somewhat limited. Cryptocurrencies such as Ethereum Name Services (ENS), Lido DAO (LDO), Arbitrum (ARB) and Optmistim (OP), which can be called Ethereum-based altcoins, also showed sharp increases.

According to CoinGlass data, with the recent rises, futures positions worth $324 million were liquidated in the last 24 hours.

81.31% of these liquidations took place on short positions. While 263 million dollars of liquidated positions constituted short-oriented transactions, 60 million dollars of long positions were liquidated. A total of 76,900 investors were affected by the wave of liquidations in the last 24 hours.

Of the liquidated positions, $96 million was in Bitcoin and $105 million was in Ethereum.

The altcoins most affected by the liquidation wave were Solana (SOL), Pepe (PEPE), Gala (GALA) and Dogecoin (DOGE). According to the data, 21.5 million dollar short position in SOL, 7.43 million dollar short position in DOGE, and 4.3 million dollar long position in GALA were liquidated.

While $125 million of the total liquidation amount of $324 million took place on Binance, the world's largest cryptocurrency exchange, OKX ranked second with $109 million. The largest liquidation was a $3.11 million Ethereum long position opened on the cryptocurrency exchange Huobi (HTX).