Ethereum
Ethereum Gains Ground as $20 Million in Short Positions Liquidated
Ethereum, the leading blockchain for layer 1 smart contracts, has won 3.2% over the past 24 hours. ETH hit its intraday high of $3,514 earlier today and is currently trading at $3,488. Liquidation from derivatives traders appears to be the key factor behind this price surge. Ethereum Price.
A total of $20.4 million $1.87 million worth of ETH shorts were liquidated in the past 24 hours, far outpacing the $1.87 million worth of ETH longs liquidated in the same period, according to derivatives analytics platform Coinglass.
A short is a derivative contract that traders use to position themselves against the rise in the price of an asset. And a long is what traders use to position themselves against the rise in the price of an underlying asset.
Another key event that market participants are closely watching is the approval of Ethereum spot ETFs in the United States.
The U.S. Securities and Exchange Commission (SEC) has required issuers of spot Ethereum ETFs to submit revised documents before July 8according to Eric Balchunas, senior ETF analyst at Bloomberg.
This implies that spot Ethereum ETFs are expected to begin trading in mid-July. Initially, analysts estimated that Ethereum spot ETFs would be approved by July 2, but that now seems highly unlikely.
SEC Chairman Gary Gensler previously said that spot Ethereum ETFs would be approved at some point during the summerAt the Bloomberg Invest Summit, Gensler said the approval process is underway. gently.
In order to attract Institutional investors, some ETF issuers, such as VanEck and Franklin Templeton, have already announced fee waivers for their Ethereum spot funds.
ETH isn’t the only asset that’s seen a price surge. The total cryptocurrency market cap has increased by 3.6% in the past 24 hours and is approaching the $2.5 trillion brand, according to CoinGecko.
This is likely due to the liquidation of $81 million worth of short positions across all assets over the past 24 hours. This figure is offset by the liquidation of only $17 million worth of long positions over the same period.
LayerZero and Ethereum Name Service were the biggest gainers in the top 100 coins by market cap, as they recorded gains of 27% And 24%, respectively. On the other hand, Kaspa was the only coin to suffer a loss of more than 1%. Kaspa saw a drop of 4% in the last 24 hours.
Edited by Stacy Elliott.