Bitcoin and Ethereum ETF saw a significant surge in trading volumes that contrasted with the broader market's downturn.
Despite this price downturn, there was a contrasting surge in activity within their respective Exchange-Traded Funds , where trading volumes reached impressively high numbers.Bitcoin ETFs accounted for most of this volume, amassing $5.70 billion, with BlackRock’s Bitcoin ETF leading the way at nearly $3 billion.Grayscale’s Ethereum Trust emerged as the top contributor, with over $261 million in trading volume, highlighting its prominence among Ethereum investment products.
These volumes in Bitcoin and Ethereum ETFs during the last session are particularly noteworthy, as they occurred amidst overall market volatility and price declines for both cryptocurrencies.The broader saw a dramatic spike in liquidation volumes amid a notable surge in Bitcoin and Ethereum ETF volumes. This surge in liquidations reached levels not seen since March.
Data analysis revealed that the total market liquidation volume surpassed $1 billion on that day. A closer look at the breakdown of these figures showed that long positions bore the brunt of these liquidations.Focusing on individual cryptocurrencies, Bitcoin accounted for over $408 million of the total liquidations, with long positions again seeing a higher volume.
Ethereum also saw substantial liquidations, totaling almost $280 million, with long positions similarly dominating. BTC and ETH liquidations constituted more than half of the entire market’s liquidation volume.was priced at around $2,466, marking an increase of over 1% from the $2,421 recorded in the prior session, after a decline of more than 9%.Adewale is a full-time journalist at AMBCrypto.
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