{"id":624361,"date":"2024-06-13T07:44:55","date_gmt":"2024-06-13T07:44:55","guid":{"rendered":"https:\/\/wncen.com\/?p=624361"},"modified":"2024-07-10T13:14:59","modified_gmt":"2024-07-10T13:14:59","slug":"ethereum-longs-crushed-who-got-burned-in-the-62-million-fire-sale","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-longs-crushed-who-got-burned-in-the-62-million-fire-sale\/","title":{"rendered":"Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale?"},"content":{"rendered":"

On June 11, Ethereum (ETH) bulls tasted fire since the market for altcoins saw a sharp rise in long liquidations. Data from Coinglass<\/a> indicates that this occurrence represented the biggest degree of long liquidations since May 23rd, so indicating a notable change for traders betting on increasing prices.<\/p>\n

Related Reading: Shiba Inu Loses 14% In Last 7 Days \u2013 Will The Misery Worsen?<\/a><\/div>\n

Crimson Chart: Long Positions Liquidated<\/strong><\/h2>\n

Overconfident investors loaded long bets, effectively waging Ethereum’s price<\/a> would rise. But the market had different ideas.<\/span> Shivers down the spines of these bulls caused by an unanticipated price decline set off a flood of liquidations.
\n<\/span><\/p>\n

\"\"
Source: Coinglass<\/a><\/figcaption><\/figure>\n

These positions were aggressively liquidated to stop more losses for the unhappy traders as the price dropped below a margin requirement set by the exchange.<\/span> So the outcome is For some exchanges, a collective sigh of relief; yet, on that fatal day, a hefty bill for liquidated bulls\u2014more than $60 million.
\n<\/span><\/p>\n

Positive Funding Rate Offers A Glimmer Of Hope<\/strong><\/h2>\n

A silver lining in the shape of a good Funding Rate surfaced while the market drop rocked the Ethereum derivative scene.<\/span> This statistic basically shows the costs incurred by traders with short positions\u2014betting on a price drop\u2014versally from those with long holdings.
\n<\/span><\/p>\n

\"\"
ETHUSD trading at $3,507 on the 24-hour chart: TradingView.com<\/a><\/figcaption><\/figure>\n

Said another way, a positive Funding Rate shows a greater demand for long positions, implying that some investors remain hopeful about Ethereum’s long-term prospects even among the carnage.<\/span> The fact that ETH’s Funding Rate hasn’t entered negative territory since May 3rd supports this positivity even more.
\n<\/span><\/p>\n

A Temporary Hiccup?<\/strong><\/h3>\n

The jury is still deciding whether this incident marks a passing blip or a more alarming trend. The positive Funding Rate gives some hope, but the notable decline in derivatives activity presents another picture.<\/span>
\n<\/span><\/p>\n

\"\"
Source: Coinglass<\/figcaption><\/figure>\n

Over the previous 24 hours, Open Interest (total outstanding contracts, down 2%) and options trading volume (down 50%) have both show concerning declines. Given less people actively trading options contracts or keeping open positions, this points to a possible market flight.<\/span>
\n<\/span><\/p>\n

Ether Price Forecast<\/strong><\/h3>\n
\n
\n
\n
\n

Meanwhile, CoinCodex’s current Ethereum price estimate shows<\/a> a 2.46% rise to $3,636 by July 13, 2024. Despite this positive perspective, the attitude of the market remains negative. The Fear & Greed Index shows great investor interest; it arrives at 70 (Greed).<\/span>
\n<\/span><\/p>\n

Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat?<\/a><\/div>\n

Ethereum has showed notable volatility over the past thirty days; 53% of the days indicate positive gains and the price has varied generally by 8.63%. Although the short-term projection is positive, the mixed signals emphasise the need of careful investment considering the volatility of the present market.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Featured image from SignatureCare Emergency Center, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

On June 11, Ethereum (ETH) bulls tasted fire since the market for altcoins saw a sharp rise in long liquidations. Data from Coinglass indicates that this occurrence represented the biggest degree of long liquidations since May 23rd, so indicating a notable change for traders betting on increasing prices. Related Reading: Shiba Inu Loses 14% In Last 7 Days \u2013 Will The Misery Worsen? Crimson Chart: Long Positions Liquidated Overconfident investors loaded long bets, effectively waging Ethereum’s price would rise. But the market had different ideas. Shivers down the spines of these bulls caused by an unanticipated price decline set off a flood of liquidations. These positions were aggressively liquidated to stop more losses for the unhappy traders as the price dropped below a margin requirement set by the exchange. So the outcome is For some exchanges, a collective sigh of relief; yet, on that fatal day, a hefty bill for liquidated bulls\u2014more than $60 million. Positive Funding Rate Offers A Glimmer Of Hope A silver lining in the shape of a good Funding Rate surfaced while the market drop rocked the Ethereum derivative scene. This statistic basically shows the costs incurred by traders with short positions\u2014betting on a price drop\u2014versally from those with long holdings. Said another way, a positive Funding Rate shows a greater demand for long positions, implying that some investors remain hopeful about Ethereum’s long-term prospects even among the carnage. The fact that ETH’s Funding Rate hasn’t entered negative territory since May 3rd supports this positivity even more. A Temporary Hiccup? The jury is still deciding whether this incident marks a passing blip or a more alarming trend. The positive Funding Rate gives some hope, but the notable decline in derivatives activity presents another picture. Over the previous 24 hours, Open Interest (total outstanding contracts, down 2%) and options trading volume (down 50%) have both show concerning declines. Given less people actively trading options contracts or keeping open positions, this points to a possible market flight. Ether Price Forecast Meanwhile, CoinCodex’s current Ethereum price estimate shows a 2.46% rise to $3,636 by July 13, 2024. Despite this positive perspective, the attitude of the market remains negative. The Fear & Greed Index shows great investor interest; it arrives at 70 (Greed). Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Ethereum has showed notable volatility over the past thirty days; 53% of the days indicate positive gains and the price has varied generally by 8.63%. Although the short-term projection is positive, the mixed signals emphasise the need of careful investment considering the volatility of the present market. Featured image from SignatureCare Emergency Center, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":624371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,4854,1946,8686],"class_list":["post-624361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-ether","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum: Who Got Burned In The $62 Million Fire Sale?<\/title>\n<meta name=\"description\" content=\"On June 11, Ethereum (ETH) bulls tasted fire since the market for altcoins saw a sharp rise in long liquidations. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale?","url":"http:\/\/wncen.com\/news\/ethereum-longs-crushed-who-got-burned-in-the-62-million-fire-sale\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-longs-crushed-who-got-burned-in-the-62-million-fire-sale\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_1ea2c2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/a_1ea2c2.jpg?fit=1100%2C644"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","ether","ethereum","ethusd"],"dateCreated":"2024-06-13T07:44:55Z","datePublished":"2024-06-13T07:44:55Z","dateModified":"2024-07-10T13:14:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Longs Crushed! 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