Ethereum
Spot Ethereum ETF Anticipation Wipes Nearly $70 Million in ETH
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- Ethereum positions worth $70 million were liquidated in the last 24 hours.
- ETH bulls appear to have paid a heavy price for their impatience.
- The approval of the Spot Ethereum ETF could bring Ether’s performance on par with the rest of the top five cryptocurrencies.
The cryptocurrency market is on a roll downtrend for nearly two weeks, but Monday’s events showed just how impatient Ethereum (ETH) investors are. In a falling market, traders usually look for signs of a reversal to maximize their profits. But sometimes false signals can end up trapping many enthusiastic bulls, and Monday was one of those days.
While $19.81 million in long Bitcoin (BTC) positions were wiped out on June 18, $39 million in long ETH positions faced the axe.
BTC vs. ETH Liquidations
Additionally, over the past 24 hours, Ethereum’s total liquidation reached almost $69 million, while Bitcoin’s is hovering around $47 million. This widespread gap further adds to the impatience of ETH holders.
Liquidation Heatmap
The underperformance of Ether
Despite the one-time approval of the Ethereum ETF on May 23, Ethereum Price rebounded less than 30% before the ETF-driven momentum disappeared. Since hitting a local high at 3,977 on May 27, ETH has crashed 14% and is currently trading at $3,418. Ether’s lackluster performance is clearly visible when comparing the returns posted since 2023 with the top five cryptocurrencies based on market capitalization.
Solana (SOL) at the top of the rankings chart with a gain of 1,274% since 2023. After SOL comes Bitcoin, with Ethereum taking third place with a return of 182%. Although it is the second largest cryptocurrency in terms of market capitalization and ETF approval, ETH still lags behind BTC.
BTC, ETH, SOL, BNB, XRP performance
This is the second reason why Ethereum investors are eager to see ETH perform. With each potential increase in buying pressure, traders tend to open long positions, hoping for the start of a magnificent rally. Between the June 14 low and the June 16 high, ETH increased by 8.67%, which is a relatively large jump compared to other altcoins. In line with this rally, Open Interest (OI) also jumped from $14.69 billion on June 14 to $15.80 billion on June 17. However, the recent liquidation event brought the OI back to June 14 levels.
ETH OI
Ethereum’s underperformance has played a pivotal role in attracting enthusiastic bulls, the partial approval of the Ethereum spot ETF is another reason to get investors impatient.
Ongoing Ethereum ETF approval could drag on
Unlike the approval of the Bitcoin spot ETF, which took years, the Ethereum spot ETF received a will sign fairly quickly by the United States Securities and Exchange Commission (SEC). But that approval wasn’t 100%, as the SEC only approved Forms 19b-4 for eight Ethereum spot ETFs from issuers like BlackRock, Fidelity, and Grayscale.
While this development was a major win for ETH enthusiasts, issuers still need to get their S-1 registration statements approved by the SEC. Only once the S-1 forms are approved can Ethereum spot ETFs begin trading. Depending on feedback from the SEC and multiple reviews, this may take several weeks. However, according to estimates by Bloomberg ETF analyst Eric Balchunas, the S-1 forms should be approved before July 2 and trading could begin as early as the next day.
- Ethereum positions worth $70 million were liquidated in the last 24 hours.
- ETH bulls appear to have paid a heavy price for their impatience.
- The approval of the Spot Ethereum ETF could bring Ether’s performance on par with the rest of the top five cryptocurrencies.
The cryptocurrency market is on a roll downtrend for nearly two weeks, but Monday’s events showed just how impatient Ethereum (ETH) investors are. In a falling market, traders usually look for signs of a reversal to maximize their profits. But sometimes false signals can end up trapping many enthusiastic bulls, and Monday was one of those days.
While $19.81 million in long Bitcoin (BTC) positions were wiped out on June 18, $39 million in long ETH positions faced the axe.
BTC vs. ETH Liquidations
Additionally, over the past 24 hours, Ethereum’s total liquidation reached almost $69 million, while Bitcoin’s is hovering around $47 million. This widespread gap further adds to the impatience of ETH holders.
Liquidation Heatmap
The underperformance of Ether
Despite the one-time approval of the Ethereum ETF on May 23, Ethereum Price rebounded less than 30% before the ETF-driven momentum disappeared. Since hitting a local high at 3,977 on May 27, ETH has crashed 14% and is currently trading at $3,418. Ether’s lackluster performance is clearly visible when comparing the returns posted since 2023 with the top five cryptocurrencies based on market capitalization.
Solana (SOL) at the top of the rankings chart with a gain of 1,274% since 2023. After SOL comes Bitcoin, with Ethereum taking third place with a return of 182%. Although it is the second largest cryptocurrency in terms of market capitalization and ETF approval, ETH still lags behind BTC.
BTC, ETH, SOL, BNB, XRP performance
This is the second reason why Ethereum investors are eager to see ETH perform. With each potential increase in buying pressure, traders tend to open long positions, hoping for the start of a magnificent rally. Between the June 14 low and the June 16 high, ETH increased by 8.67%, which is a relatively large jump compared to other altcoins. In line with this rally, Open Interest (OI) also jumped from $14.69 billion on June 14 to $15.80 billion on June 17. However, the recent liquidation event brought the OI back to June 14 levels.
ETH OI
Ethereum’s underperformance has played a pivotal role in attracting enthusiastic bulls, the partial approval of the Ethereum spot ETF is another reason to get investors impatient.
Ongoing Ethereum ETF approval could drag on
Unlike the approval of the Bitcoin spot ETF, which took years, the Ethereum spot ETF received a will sign fairly quickly by the United States Securities and Exchange Commission (SEC). But that approval wasn’t 100%, as the SEC only approved Forms 19b-4 for eight Ethereum spot ETFs from issuers like BlackRock, Fidelity, and Grayscale.
While this development was a major win for ETH enthusiasts, issuers still need to get their S-1 registration statements approved by the SEC. Only once the S-1 forms are approved can Ethereum spot ETFs begin trading. Depending on feedback from the SEC and multiple reviews, this may take several weeks. However, according to estimates by Bloomberg ETF analyst Eric Balchunas, the S-1 forms should be approved before July 2 and trading could begin as early as the next day.