This morning the cryptocurrency market underwent a large sell-off. Let's asses the damage.
Aggregated open interest, the value of total futures contracts outstanding, fell from 181k BTC to lows of 154K BTC, wiping a total of $1,139,400,000 or 15% of aggregated futures open interest within a 2 hour period.
A cumulative sum of $613.07m was liquidated in the prior 24h period, 79% of this total having been liquidated in the last hour.
Notably this is the largest total market liquidation event since the uptrend in August began and the largest altcoin liquidation event in two years.
Below contains a list of the top gainers following the sell-off for the prior 1h period. Notably there is a strong bounce back amongst ETH Beta with ARB, OP and LDO all contained within the list. Frequently, top gainers post sell-off continue to outperform so it is worthy to keep an eye on these assets.
Above contains a list of the top gainers following the sell-off for the prior 1h period. Notably there is a strong bounce back amongst ETH Beta with ARB, OP and LDO, as well as SEI; all contained within the list. Frequently top gainers post sell-off continue to outperform so it is worthy to keep an eye on these assets.
Speculation surrounding the sell-off is stemming from an article posted by Matrixport insinuating that there would be a rejection of the ETF. This insinuation is unsubstantiated with the present level of information that we have.
Sources:
https://x.com/hsakatrades/status/1742530830893805981?s=46&t=1I8b_mv6_wlle6laQGryoA
Disclaimer: This research report is exactly that — a researchreport. It is not intended to serve as financial advice, nor should you blindlyassume that any of the information is accurate without confirming through yourown research. Bitcoin, cryptocurrencies, and other digital assets areincredibly risky and nothing in this report should be considered an endorsementto buy or sell any asset. Never invest more than you are willing to lose andunderstand the risk that you are taking. Do your own research. All informationin this report is for educational purposes only and should not be the basis forany investment decisions that you make.