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By Omkar Godbole (All times ET unless indicated otherwise)
There’s a note of caution seeping into crypto markets, with bitcoin
Bitcoin’s drop took the largest cryptocurrency to below it’s 50-day simple moving average (SMA) and marks quite a retrenchment from the record high of $124,000 it registered last week. In ether’s case, on-chain data indicates a risk of massive liquidations at $4,170.
“More than $400m in long positions were liquidated overnight as BTC slid from 118k to 115k and ETH from 4,500 to 4,300,” QCP Capital said in a market update. “This extends last week’s 5 % pullback amid over $1bn of DeFi liquidations and profit‑taking. Funding rates have turned negative and risk reversals favor puts, suggesting cautious positioning ahead of Jackson Hole.”
Notably, ether losses come after the second-largest cryptocurrency faced a record validator exit queue, with 855,158 tokens worth over $3.5 billion looking to leave. Furthermore, last week, BlackRock’s ether ETF (ETHA) registered a record trading volume of 364.25 million shares, according to data source TradingView. The fund also registered record inflows of $2.32 billion.
“Spot Bitcoin and Ethereum ETFs clocked a record-breaking US$40 billion in weekly trading volume, with Ethereum contributing US$17 billion, and US$2.85 billion of that in net inflows. This isn’t just short-term momentum; we’re seeing the infrastructure solidify around crypto in real time,” Mena Theodorou, a co-founder of crypto exchange Coinstash, said.
Speaking of the broader market, the bitcoin-to-altcoin liquidations ratio continued to slide, reaching its lowest point since early 2024, according to data source CryptoQuant. (See Chart of the Day.) The drop shows altcoins have been experiencing more speculative activity relative to bitcoin, a dynamic often observed at market tops.
Monero attacker Qubic’s community overwhelmingly voted in favor of targeting the Dogecoin network over ZCash. DOGE dropped over 4%, disappointing bulls positioned for a rally following last week’s golden crossover.
In traditional markets, gold rose, European stocks dropped and U.S. stock index futures were muted as traders awaited a key meeting between European leaders and President Donald Trump over Ukraine’s future. Stay alert!
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