Bitcoin Market Liquidations and Ongoing Sell-Off Trends
The cryptocurrency market recently experienced a major liquidation event, with CoinGlass data revealing that over 158,249 traders faced liquidations totaling $883.39 million**. Long positions accounted for **$130 million, while short traders dominated the remaining losses. Bitcoin’s open interest declined by 4.8%, dropping from $61.20 billion** to **$61.18 billion, signaling reduced trader confidence.
This sell-off occurred despite low trading volumes and heightened social media activity. Even Tether’s issuance of $1 billion** on **Ethereum** failed to stabilize the market, leading to sharp declines. Bitcoin’s price **dropped nearly 5%** in 24 hours, and **Ethereum** slid to **$3,890, reflecting extreme volatility.
$3 Billion in Crypto Options Expiring Today: Prepare for Volatility
Today marks a critical moment for crypto traders as $3 billion** worth of **Bitcoin (BTC)** and **Ethereum (ETH)** options expire. Historical trends suggest such events often trigger **price swings**, and the market is already reacting. Bitcoin’s fall from its **$98K peak underscores its sensitivity to these expirations, raising fears of further turbulence.
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U.S. Economic Data: A Major Influence on Bitcoin’s Price
Macroeconomic factors are playing a pivotal role in Bitcoin’s performance. Traders are closely monitoring upcoming U.S. economic reports, including:
- Average Hourly Earnings
- Non-Farm Employment Change
- Unemployment Rate
These indicators could shape market sentiment and dictate Bitcoin’s short-term trajectory.
Solana’s ETF Hopes Hit Regulatory Roadblocks
Solana (SOL) has been a focal point due to potential ETF approval. Key developments, like a $60 million Solana startup fund and VanEck’s ETF filing, fueled optimism. However, insider reports suggest the SEC may reject at least two pending Solana ETF applications. Regulatory pushback under the current U.S. administration is stalling progress, cooling investor enthusiasm.
FAQ Section
Why did Bitcoin’s price drop suddenly?
The decline was driven by massive liquidations, options expirations, and broader market uncertainty, compounded by low trading volumes.
How do U.S. economic reports affect crypto?
Key data like employment figures and wage growth impact investor sentiment, influencing Bitcoin’s demand as a risk asset.
Will Solana’s ETF be approved soon?
Unlikely—regulatory hurdles and SEC skepticism suggest delays or rejections for Solana ETF proposals.