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Ethereum

$300 Million Crypto Longs Flushed Out As Investors Sell The Ethereum ETF News

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows that a lot of long liquidations have piled up on exchanges after the Ethereum ETF approval, which was a sell-the-news event.

Ethereum Price Has Been Down Since Spot ETFs Gained Approval

Yesterday, the US Securities and Exchange Commission (SEC) finally gave the green light on all eight Ethereum spot exchange-traded funds (ETFs) that were awaiting approval.

Spot ETFs are basically investment vehicles that provide a way to gain indirect exposure to ETH’s price movements without actually owning any tokens.

Related Reading: Puell Multiple Says Bitcoin Is Trading At A Discount Right Now

ETFs are available through means that traditional investors would be familiar with, so those who don’t want to bother with cryptocurrency exchanges and wallets could decide to invest in the asset through them.

The market had been anticipating this event, just like the Bitcoin spot ETF approval back in January. In BTC’s case, the inflows through the ETFs eventually fueled a rally towards a new all-time high (ATH).

When the Bitcoin ETFs had just been approved, though, the investors initially showed a selling reaction, which resulted in the cryptocurrency registering a significant drawdown.

It would appear that the Ethereum spot ETF approval has also been met with some selling so far, as coins across the sector have been in the red over the past 24 hours. Ethereum itself is down more than 5% in the window.

Ethereum Price Chart

The price of the asset appears to have shot up over the last few days | Source: ETHUSD on TradingView

Despite the decline, Ethereum investors would still be holding notable profits, as the coin at its current price of $3,700 is still up over 23% in the past week.

It would appear that the approval and the subsequent selloff may have caught the market off-guard, as the derivatives side has registered some large liquidations in the last 24 hours.

$384 Million In Cryptocurrency Contracts Found Liquidation In Past Day

According to data from CoinGlass, the cryptocurrency derivatives market has observed a mass flush during the past day. The below table shows what the numbers have looked like.

Ethereum & Crypto Liquidations

The data for the cryptocurrency-related liquidations over the last 24 hours | Source: CoinGlass

As is visible, over $384 million in cryptocurrency contracts have seen forceful closure during this period. More than $297 million of these liquidations involved the long holders alone.

This means these investors betting on a bullish outcome made up 77% of the flush. This naturally lines up, as the overall price volatility in the past day has been towards the downside.

Related Reading: Ethereum Exchange Netflows Highest Since March: Can ETH Survive This Selloff?

It’s also not surprising that Ethereum, which has been the focus of attention recently, contributed the largest share to this liquidation squeeze, as the heatmap below reveals.

Ethereum & Other Cryptos

Looks like ETH liquidations have been more than double that of BTC's | Source: CoinGlass

At more than $150 million liquidations, Ethereum has managed to significantly outdo Bitcoin, which has seen contracts worth $74 million flushed down.

Featured image from Kanchanara on Unsplash.com, CoinGlass.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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