Crypto Market Sees Bloodbath: $BTC And $ETH Plummet, Whales Liquidated

The cryptocurrency market witnessed a brutal sell-off, with Bitcoin ($BTC) and Ethereum ($ETH) prices dropping by 7% and 10%, respectively.

The carnage resulted in 87,405 traders being liquidated for a staggering $318.46 million in the past 24 hours.

Whales were not spared, with two significant liquidations occurring – one for $12.67 million on an ETH/BTC long position and another for $12.6 million on a BTC long position.

Moreover, many whales are dumping ETH, with one exchanging 4,591.8 stETH for 4,589.5 ETH at a loss to avoid a lengthy withdrawal process, only to sell the entire amount on Binance.

The Ethereum Foundation, known for selling near the top, deposited 35K ETH ($94.07M) on Kraken five days ago, which is now down 8.8%. Since January 1, 2021, the foundation has sold 239K ETH ($654M) and currently holds 273,542 ETH ($666M).

Ethereum Long Liquidation Comes At $55 Million 

Ethereum long liquidations surged to $55 million, while Bitcoin long liquidations hit $90 million, marking the highest levels since August 5th. Open Interest dropped by $2.2 billion as many traders were stopped out. The Ethereum spot ETF saw a net outflow of $3.4452 million, its ninth consecutive day of outflows.

Grayscale ETF ETHE had a net outflow of $9.1798 million, while Fidelity ETF FETH and Bitwise ETF ETHW saw inflows of $3.8792 million and $1.8554 million, respectively.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Source: https://nulltx.com/crypto-market-sees-bloodbath-btc-and-eth-plummet-whales-liquidated/