Over $300 million of leveraged positions had been liquidated because the ‘Crypto Concern and Greed Index’ signifies bearish sentiment prevalent out there.
Crypto markets dropped on Wednesday in response to Bitcoin ETFs recording outflows on Tuesday after eight consecutive days of optimistic inflows.
Bitcoin (BTC) plunged 5% to $58,900, whereas Ethereum (ETH) dropped by 3%. Polkadot (DOT) was down 7%, and Solana (SOL) plummeted 8%.
U.S. Bitcoin exchange-traded funds (ETFs) recorded outflows of $127 million on Tuesday, breaking an eight-day streak of inflows, in accordance to knowledge from Farside Traders.
ARK 21Shares Bitcoin ETF (ARKB) led the outflows with $102 million, marking its largest outflow thus far. Grayscale Bitcoin Belief (GBTC) reported internet outflows of $18.32 million, whereas Bitwise Bitcoin Fund (BITB) logged $6.76 million.
$315 Million in Liquidations
In line with CoinGlass knowledge, over 87,346 merchants had been liquidated within the final 24 hours, inflicting whole liquidations to cross $315 million. Bullish bets on BTC and ETH, price $81 million and $78 million, respectively, had been among the many liquidated belongings.
The ‘Crypto Concern and Greed Index’ signifies a state of “worry” out there, with a rating of 30.
DOGS (DOGS), a memecoin on the TON blockchain, was the highest gainer among the many high 100 cryptocurrencies by market capitalization, with a 24% improve. Popcat (POPCAT) and Helium (HNT) additionally recorded 10% and three% positive aspects, respectively. Maker (MKR) and Polygon (MATIC) had been among the many worst performers, dropping between 10% and 12%.
DOGS was impressed by Spotty, a mascot promoted by Telegram founder and CEO Pavel Durov, who was arrested in France on Aug. 24. On Monday, DOGS was listed on main exchanges like Binance, Bybit, OKX, Bitget, and Gate.
In conventional markets, shares dropped once more on Wednesday as traders awaited Nvidia’s quarterly earnings report. The S&P 500, the Dow Jones Industrial Common, and the Nasdaq Composite dipped by over 1%.
“We imagine that any dip in equities (and crypto) will likely be short-lived. With Powell and the Fed able to kickstart a rate-cutting cycle, elevated liquidity will finally push threat belongings greater. We’re lastly on the cusp of a rate-cutting cycle,” wrote buying and selling agency QCP Capital.
