Bitcoin And EthereumThe latest price surge has ravaged short traders across the entire crypto market.
According to CoinGlass, over $383 million in crypto liquidations took place in the last 24 hours, with $297 million of that impacting short sales. This includes more than 94,000 traders, with the largest liquidation worth $4.26 million.
Ethereum (ETH) traders accounted for the largest share of these liquidations at $131 million, compared to $108 million in losses for Bitcoin traders. Between the two coins, ETH experienced a much steeper climb in the last 24 hours, up 22% next to Bitcoin’s 4.6% jumpaccording to data from CoinGecko.
Markets were hit by a bullish shock on Monday: the Securities and Exchange Commission (SEC) suddenly started to engage with national securities exchanges surrounding their applications to list Ethereum spot ETFs on their platforms.
If approved, the products, whose sponsors include BlackRock, Fidelity and Grayscale, will allow institutional investors to gain one-time exposure to ETH, much like Bitcoin Spot ETF did this for BTC in January.
Before Tuesday, Bitcoin ETFs have so far absorbed $12.8 billion in net inflows, making ETH bulls excited about the potential wave of demand that could await for their favorite coin.
After the latest pump, Glassnode analyst James Check predicted that Bitcoin and crypto could be at “ground zero” for a “second wave” of ETF demand.
“For some reason, people continue to bet against this uptrend… with nothing less than leverage. » wrote Check out its Tuesday newsletter, referring to recent liquidations. “A lot of people still think the Bitcoin boat must sink, but in my opinion they are swimming against the tide.”