Nexo

Join the hunt for $12,000,000+ in NEXO Tokens!

Learn More
English
Home » Markets » Bear blues: over $296 million in shorts liquidated in 24 hours

Bear blues: over $296 million in shorts liquidated in 24 hours

by

Ethereum leads crypto surge as ETF approval likelihood increases.

Bear blues: over $296 million in shorts liquidated in 24 hours

Share this article

The possibility of a spot Ethereum exchange-traded fund (ETF) approval in the US took the bears by surprise, resulting in over $296 million of short positions being liquidated in the past 24 hours, according to data aggregator Coinglass. Ethereum short positions liquidated represent $100 million of the total.

Meanwhile, long positions represent just $80 million of all derivatives liquidations in the last 24 hours. The total market cap of the crypto market leaped 8,1% in the same period, with Ethereum (ETH) leading the pack of major crypto by registering a 23.7% growth.

The market turned around yesterday after Bloomberg ETF analysts James Seyffart and Eric Balchunas boosted to 75% their odds of a spot Ethereum ETF approval in the US, outshining the previous 25%. 

Up until then, even large asset management firms’ executives didn’t believe in a positive scenario. This was reflected by crypto funds’ weekly flows, as Ethereum-related funds saw over $23 million in outflows last week amid ETF uncertainty, reported CoinShares.

However, the SEC started moving in the background, motivated by “political issues,” as highlighted by Balchunas. This could be related to last week’s Senate vote to overturn the regulator’s Staff Accounting Bulletin 121 (SAB 121), which made it costly for banks to offer services with crypto. As SAB 121 was confronted by the Senate, the SEC might be in a tight spot and could be avoiding lawmakers’ scrutiny.

Ready to fly

The trader identified as Rekt Capital shared on X that the altcoin market is ready for its Q2 hypercycle, after successfully holding the $250 billion market cap support. According to the trader, this next upward movement in the altcoin market might be maintained up until July.

As for Bitcoin (BTC), a weekly close above $71,500 “would probably kickstart the breakout from the re-accumulation range,” highlighted Rekt Capital. Yet, previous cycles indicate that BTC has a significant chance to stay in the accumulation channel between $70,000 and $60,000 for a few more weeks.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.