BTC and ETH prices fluctuate amid spot ETH ETF decision

May 24, 2024
U.S. regulators have approved the listing of spot ETH ETFs but have not yet granted permission for trading. Amid this situation, cryptocurrency prices have experienced sharp fluctuations.

In the hour leading up to the final approval, the price of ETH initially dropped to $3,5K, then surged to nearly $3,9K.

BTC experienced a similarly turbulent episode, dropping to a low of $66K before soaring to $68,K and then stabilizing below $68K.

As a result, over the past 24 hours, ETH has shown stronger performance, rising by 1.5%. BTC, on the other hand, fell by almost 3% during the same period.

According to CoinGlass, during this volatile period, liquidations of all leveraged cryptocurrency derivatives positions reached $350M, the highest level since May 1st. Liquidations occur when an exchange closes a leveraged trading position due to partial or total loss of the trader’s initial funds or margin.

The lion’s share of liquidated positions were long positions. The biggest losses were incurred by ETH traders, with $132M in liquidations, followed by BTC derivatives liquidations totaling $70M.