Analysts who predicted that the immediate approval of a Bitcoin ETF in the US could become a “sell-out news” event have got their calculations right. The euphoria over Bitcoin ETFs appears to be fading as nervous investors continue to unload their cryptocurrency holdings.
More than $272 million worth of long cryptocurrency positions — traders who bet that prices would rise slightly — were wiped out in the past 24 hours, according to CoinGlass data.
The losses come amid market turmoil as prices of major digital assets fell sharply over the past 24 hours. After hitting a new 19-month high of over $48,600 earlier this month and trading above $46,000 levels on Friday, the OG cryptocurrency fell nearly 7% to $42,815. While Bitcoin's market capitalization fell to $839 billion, trading volumes over the past 24 hours rose by more than 1% to $44.4 billion.
Following the Bitcoin ETF rally, Ethereum (ETH) prices fell nearly 2% over the past 24 hours to $2,544, with the market cap falling to $305.7 billion. Trading volume reached $24.7 billion, an increase of 66% during the past 24 hours.
Smaller tokens also saw price declines, with BNB down 4.5%, Solana (SOL) down 6.5% XRP, down 4%, Cardano (ADA) down 6%, and Avalanche (AVAX) down 8%. Popular meme currencies, such as Dogecoin and Shiba Inu, fell more than 4% each.
The weak sentiment was reflected in the global cryptocurrency market capitalization, which fell nearly 5% to $1.68 trillion. The Fear and Greed Index level reached 63, indicating that investor sentiment was dismal.
Top 3 digital currencies for today
Baby price drops 7.5%
The frog-themed memecoin Pepe saw its price drop by more than 7.5% over the past 24 hours to $0.000001227. Its market capitalization fell to $516 million while trading volumes fell by more than 25% to $157 million.
SUI prices rise by 14%
The native SUI token of the Sui blockchain network has jumped more than 14% in the past 24 hours. At the time of writing, SUI's price stood at $1.24, while its market cap had risen to $1.36 billion. Trading volumes rose by 13% in the past 24 hours, indicating growing retail interest in digital assets.
BONK prices drop by approximately 13%
The price of the Solana-based meme BONK has fallen nearly 13% to $0.00001365 in the past 24 hours, bringing its market capitalization down to $865 million. Trading volumes over the past 24 hours also decreased by more than 30%, reaching $284 million.
Read also: Vanguard steps up its fight against Bitcoin ETFs, here's what's happening
