CDS Crypto News October 24: A Major Day for Crypto Liquidations and Market Reactions
Crypto News

October 24: A Major Day for Crypto Liquidations and Market Reactions

89
October 24: A Major Day For Crypto Liquidations And Market Reactions

October 24 – Crypto Market Liquidations Hit $261 Million: What You Need to Know

October 24 – Crypto bulls betting on continued market growth experienced a significant setback on October 24, witnessing the second-largest day of liquidations for the month. This turbulence followed a steep decline in Bitcoin’s price, which subsequently affected the values of major cryptocurrencies.

Total Liquidations Soar to $261 Million

According to CoinGlass data, total crypto liquidations reached $261 million on October 24, with over $203.5 million coming from long positions. This figure is only surpassed by the $450.8 million worth of crypto longs liquidated on October 1, when Bitcoin dropped approximately 5% from its high of $66,913.

October 24: A Major Day For Crypto Liquidations And Market Reactions

Ethereum Experiences Largest Liquidation Day

Among the notable liquidations, Ether (ETH) long bets saw their biggest liquidation day, with more than $77 million wiped out in the last 24 hours. Bitcoin call options followed closely, suffering about $58.3 million in liquidations. This activity occurred as traders had been optimistic about Bitcoin’s potential to sustain its rise after it neared $70,000 on October 21, its highest point in three months.

Bitcoin Price Fluctuations and Market Reactions

However, Bitcoin could not maintain its momentum and fell to a low of $65,500 on October 23, before recovering slightly to $67,386, marking a 0.5% increase over the previous 24 hours. Meanwhile, ETH posted the most significant loss among the top 10 cryptocurrencies, declining 1.7% to $2,552, down from a 24-hour high of $2,620. It had peaked at $2,750 on October 21 before its decline.

High Transaction Fees Dampen Ethereum Activity

Onchain data indicates that Ethereum’s high transaction fees are disincentivizing user activity on the blockchain. This scenario reduces the demand for ETH staking, potentially dampening investor optimism. Despite the volatility in Bitcoin’s price, institutional investors appeared unfazed. On October 23, the 11 U.S.-based spot BTC exchange-traded funds (ETFs) saw a joint net inflow.

Strong Inflows for Bitcoin ETFs

Collectively, these funds recorded $198.5 million in net inflows, buoyed by a significant $323.6 million inflow to BlackRock’s iShares Bitcoin Trust ETF. However, these gains were offset by outflows from other ETFs, including $99 million from the ARK 21Shares Bitcoin ETF and $25.2 million from the Bitwise Bitcoin ETF.

This came after a robust streak of inflows for U.S. Bitcoin ETFs from October 11 to October 21, during which nearly $2.7 billion was added to the funds. However, this trend was interrupted by an $87.9 million net outflow on October 22.

October 24: A Major Day For Crypto Liquidations And Market Reactions

Leave a comment

Leave a Reply

Related Articles

Ether ETF Market Booms: Fidelity Tops Inflows with $115.5 Million on Monday

Ether ETF Market Booms: Fidelity Tops Inflows with $115.5 Million on Monday

BTC Hits Record High: The Price Nears $90,000 After Breaking $85K with 30% Weekly Surge

BTC Hits Record High: The Price Nears $90,000 After Breaking $85K with...

Ethereum Scalability: Researcher Justin Drake to Present New Consensus Proposal

Ethereum Scalability: Researcher Justin Drake to Present New Consensus Proposal

Dogecoin Climbs 30% in 24 Hours as Trump-Led Bull Run Sparks Memecoin Frenzy

Dogecoin Climbs 30% in 24 Hours as Trump-Led Bull Run Sparks Memecoin...