Bear blues: over $296 million in shorts liquidated in 24 hours

Coinbase
Bear blues: over $296 million in shorts liquidated in 24 hours
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The possibility of a spot Ethereum exchange-traded fund (ETF) approval in the US took the bears by surprise, resulting in over $296 million of short positions being liquidated in the past 24 hours, according to data aggregator Coinglass. Ethereum short positions liquidated represent $100 million of the total.

Meanwhile, long positions represent just $80 million of all derivatives liquidations in the last 24 hours. The total market cap of the crypto market leaped 8,1% in the same period, with Ethereum (ETH) leading the pack of major crypto by registering a 23.7% growth.

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The market turned around yesterday after Bloomberg ETF analysts James Seyffart and Eric Balchunas boosted to 75% their odds of a spot Ethereum ETF approval in the US, outshining the previous 25%.Ā 

Up until then, even large asset management firmsā€™ executives didnā€™t believe in a positive scenario. This was reflected by crypto fundsā€™ weekly flows, as Ethereum-related funds saw over $23 million in outflows last week amid ETF uncertainty, reported CoinShares.

However, the SEC started moving in the background, motivated by ā€œpolitical issues,ā€ as highlighted by Balchunas. This could be related to last weekā€™s Senate vote to overturn the regulatorā€™s Staff Accounting Bulletin 121 (SAB 121), which made it costly for banks to offer services with crypto. As SAB 121 was confronted by the Senate, the SEC might be in a tight spot and could be avoiding lawmakersā€™ scrutiny.

Ready to fly

The trader identified as Rekt Capital shared on X that the altcoin market is ready for its Q2 hypercycle, after successfully holding the $250 billion market cap support. According to the trader, this next upward movement in the altcoin market might be maintained up until July.

As for Bitcoin (BTC), a weekly close above $71,500 ā€œwould probably kickstart the breakout from the re-accumulation range,ā€ highlighted Rekt Capital. Yet, previous cycles indicate that BTC has a significant chance to stay in the accumulation channel between $70,000 and $60,000 for a few more weeks.

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