ETH, SOL, and BTC Shorts Record Profits, Will They Reverse Ongoing Decline?
Shorts on ETH, SOL, and BTC have recorded significant profits amid a sharp market downturn. Two major traders, identified as 0x20c2 and 0x35d1, made $102.7 million and $55.5 million respectively by shorting these cryptocurrencies. This occurred as ETH, SOL, and BTC fell by approximately 7.39%, 6.16%, and 7.44% within 24 hours, dragging the overall crypto market cap down by 6.93% to around $2.39 trillion. The Fear and Greed Index sits at a low 11 points, reflecting extreme fear. Concurrently, corrections in Gold and Silver prices may lead some investors to reconsider shifting allocations toward traditional safe-haven assets. The broader sentiment remains cautious, with some traders predicting further declines for Bitcoin.
TheNewsCrypto02/05 12:48