The recent altcoin crash has resulted in a significant amount of liquidations in the cryptocurrency derivatives market, with long contract holders being the most affected
Uncertainty surrounding spot Ethereum ETFs in the U.S. may be a primary factor in the current crash.
Macroeconomic factors, such as high interest rates and a strong dollar, are also impacting the crypto market.
Despite the current negative sentiment, there are signs of a potential rebound, with Ethereum potentially leading the way.
Altcoin longs are experiencing a squeeze, with Ethereum leading in liquidations.
The derivatives market has seen contracts worth almost $429 million being liquidated over the last 24 hours, with long contract holders accounting for more than 85% of the total.
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