Wild Bitcoin, Ether Price Swings Amid Spot ETH ETF Decision Triggers $350M Liquidations
Crypto prices experienced significant fluctuations on Thursday as traders awaited a U.S. regulatory decision on the listing of spot-based ether exchange-traded funds. Ether (ETH) dropped to $3,500 before surging to nearly $3,900 following unconfirmed reports of approval, and eventually settled above $3,800 after confirmation. Bitcoin (BTC) also saw volatility, dropping to the low-$66,000s, spiking to $68,300, and then falling below $68,000. ETH performed stronger than BTC, advancing 1.5% over 24 hours, while BTC declined almost 3%. Liquidations across all leveraged crypto derivative positions exceeded $350 million during the day, the highest since May 1. The majority of these liquidations were long positions betting on rising prices, indicating that over-leveraged traders were surprised by the sudden price drop. ETH traders experienced the most liquidations at $132 million, followed by $70 million in BTC derivatives liquidations.
