Bitcoin Liquidations Surge to $120M During ETF Trading Volatility

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Cointime2024/01/12 09:03

By:Cointime

Bitcoin experienced extreme volatility after the launch of the first spot Bitcoin exchange-traded fund (ETF) in the United States, with the price jumping to over $49,000 before undergoing a correction and settling at around $46,000. This volatility led to heavy liquidations on the Bitcoin network, with trading positions worth $120 million being liquidated within four hours. Despite this, the approval of spot Bitcoin ETFs is expected to be bullish for the cryptocurrency in the long term, with predictions of significant fund inflows from institutional investors. However, SEC Chair Gary Gensler's statement cautioning investors about the risks associated with Bitcoin and crypto products was criticized by ARK Invest's Cathie Wood.

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- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14