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06/24 05:53

$170M Ether longs liquidated as crypto market tumb

#World Cup Predictions: 100,000 USDT Daily $170M Ether longs liquidated as crypto market tumbles: Is ETH doomed? Key takeaways: Negative $ETH futures funding rates and six weeks of spot ETF outflows highlight a fragile investment climate. Ethereum’s 53% market share in DeFi keeps it well-placed for a recovery, even as negative news continues to batter the network. Ether ($ETH) price faced a 5% correction on Tuesday, erasing gains from the previous 12 days. The move triggered $170 million in liquidations of bullish leveraged $ETH positions, putting traders on alert. Disconcerting news that the Ethereum Foundation was laying off 20% of its staff contrasts with optimism surrounding an upcoming network upgrade, but should $ETH traders be worried? $ETH perpetual futures annualized funding rate. Source: Laevitas Demand for bearish $ETH positioning briefly surged on Tuesday as the perpetual futures annualized funding rate flipped into deeply negative territory, meaning shorts (sellers) paid to keep their positions open. The current 3% level signals a lack of confidence from bulls, but it should not come as a surprise given Ether’s recent weakness. $ETH/USD (orange) vs Total crypto capitalization (blue). Source: TradingView Ether price declined by 20% over 30 days, slightly worse than the 17% drop in the broader cryptocurrency market capitalization. Part of the move ties to investors’ fear over ongoing peace negotiations between the US and Iran. Moreover, high costs of artificial intelligence build-out have led investors to act more cautiously. Ethereum leads DeFi even as activity slumps The overall weakness in the decentralized applications (DApps) industry has led multiple projects to shut down, while the aggregate total value locked (TVL) shrank by 23% in three months. Lower demand for blockchain data processing weakens the case for $ETH investment, although the Ethereum network’s leadership in TVL and activity should not be understated. Blockchains ranked by Tot

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