The recent approval of the first Ethereum spot ETFs by the SEC stirred a mixed reaction in the cryptocurrency market, with Ethereum trading sideways while Bitcoin and Dogecoin experienced selling pressure. Over $366 million worth of futures positions were liquidated in the last 24 hours, with the majority being long positions. Ethereum recorded the highest amount of liquidations, totaling $140 million during this period.
Despite the approval of spot Ether ETFs, Bitcoin's plunge led to a decrease in optimism in the futures market as its Open Interest fell by 2.49% within 24 hours. On the other hand, Ethereum's Open Interest saw a slight increase of 0.76%. The market witnessed more than 61,000 traders being liquidated in the past day, with the total liquidation figure surpassing $156 million, where Ethereum saw around $42.85 million in liquidations.
The Cryptocurrency Fear & Greed Index, which had shown "Extreme Greed" the day before, shifted to "Greed," signaling a reduction in buying pressure. The global cryptocurrency market cap stood at $2.54 trillion, reflecting a 1.72% decrease in the last 24 hours. In contrast to the cryptocurrency market turbulence, stock markets showed a decline with the Dow Jones Industrial Average plunging 605 points, marking its worst day of the year, and the S&P 500 dropping 0.74%.
Despite the correction in Bitcoin prices, analyst Rekt Capital expressed confidence in the cryptocurrency, stating that Bitcoin will retrace enough to create doubts about the Bull Market before resuming its upward trend. Other analysts like Martinez also showed optimism for the bulls due to strong support levels, while Ali Martinez raised a sell signal for Ethereum’s daily chart, predicting a correction for the asset in the coming days. Analyst ParabolicPump anticipated a strong bullish sentiment for altcoins as Bitcoin's dominance waned, hinting at a potential Altseason in the future.