According to CoinDesk: Crypto markets experienced steep volatility on Thursday as traders waited for a U.S. regulatory decision on the listing of spot-based Ether (ETH) exchange-traded funds (ETFs), resulting in liquidations worth over $350M during the day. ETH first plummeted to $3,500 before spiking to $3,900 in anticipation of the approval, before settling above $3,800 post-confirmation.
Bitcoin (BTC) also experienced a tumultuous ride, dipping into the low $66,000s before peaking at $68,300 and then settling below $68,000. Despite this turbulence, ETH outperformed BTC, advancing 1.5% over the past 24 hours compared to BTC's near 3% decline.
During this volatile episode, liquidations across leveraged crypto derivative positions spiked, reaching their highest since May 1 according to CoinGlass data. These liquidations largely stemmed from long positions, implying many over-leveraged traders were surprised by the abrupt drop in prices. ETH traders were hit hardest, facing $132M worth of liquidations, followed by BTC at $70M.
