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CryptoXTimes > Article > Ethereum News > Ethereum Long Liquidations Reach $62 Million
Ethereum NewsNews

Ethereum Long Liquidations Reach $62 Million

Ethereum sees $62M in record-long liquidations.

Nayab Fatima
Last updated: June 13, 2024 12:57 pm
Nayab Fatima 1 year ago
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Ethereum Long Liquidations Reach $62 Million

On June 11, Ethereum (ETH) fans were shocked to learn the harsh truth: the market for the cryptocurrency’s derivatives saw a huge rise in long liquidations worth an amazing $62 million. This was the largest number of positive accounts that had to be closed since May 23rd. Traders who had put a lot of funds on Ethereum’s rise lost a huge amount of funds. 

These investors had built up large long bets because they were too sure that the market would go up. But a sudden drop in the price of Ethereum sent shockwaves through the market and caused a lot of people to sell their coins.

As soon as the price dropped below the margin requirement set by the exchanges, these trades were automatically closed to stop further losses. This had major financial effects, causing over $60 million in losses in just one day.

Ethereum’s Positive Funding Rate Stability

Even though the market was in chaos, there was some good news in the form of a positive Funding Rate. This rate shows how much traders who are short positions pay traders who are long positions. This metric has been positive and stable, which shows that people are still confident in Ethereum’s long-term promise, even though it has been volatile recently.

There are still worries about what these changes will mean for Ethereum’s futures market in the long run, though. The number of trades in options has dropped by 50% and the number of open positions has dropped by 2% in the last 24 hours. This could mean that traders and buyers are closing out trades and positions.

And CoinCodex says that by July 13, 2024, the price of Ethereum will have gone up by 2.46%, to $3,636. This prediction is still a little too optimistic. For now, though, the Fear & Greed Index is still at 70 (Greed), which means buyers are being extra careful.

Ethereum’s price has changed a lot in the 30 days since it began. There have been days when it went up and days when it went down. These mixed signals show that it’s hard to tell what will happen in the market right now. Because there is still a lot of doubt, investors should be careful.

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TAGGED: Crypto, ETH, Ethereum
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