"Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest. Ether slumped as much as 9% to $4,075 as nearly half a billion dollars of leveraged long positions in the second-largest token were liquidated, according to data from Coinglass. Bitcoin declined 3% to $111,998 at one point. Coins like Solana, Algorand and Avalanche also slipped."
"Demand from publicly-listed vehicles set up to hoard tokens helped drive Bitcoin and Ether to all-time highs in August. That momentum has started to fade as shares of digital-asset treasury firms ranging from Michael Saylor's Strategy to Japan's Metaplanet Inc. retreated. It feels like the market needs a breather, with some participants concerned that the DAT-trade' is losing steam and there are no more meaningful inflows on the horizon, said George Mandres, senior trader at XBTO Trading."
More than $1.5 billion in bullish crypto wagers were liquidated in a widespread selloff that hit smaller tokens hardest. Ether fell as much as 9% after nearly $500 million of leveraged long positions were closed, while Bitcoin dropped about 3% intraday. Over 407,000 traders were liquidated in a 24-hour span, and the overall digital-asset market cap slipped below $4 trillion. Demand from publicly listed token-hoarding vehicles that helped drive August highs has faded, reducing inflows. Bitcoin has traded in a narrow range since July even as gold and silver rallied following easing U.S. monetary policy.
Read at www.mercurynews.com
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