According to the data provided by CoinGlass, throughout the course of the previous day, a total of $59.96 million worth of short positions and $42.47 million worth of long positions were closed out. Toward the end of Sunday’s trading session, the value of the asset hit an intraday high of $1,654 before tumbling to a low of $1,558 within the space of two hours.
Ninja, a trader in cryptocurrencies, is of the opinion that the sudden drop in price was caused by a large-scale sale transaction that took place on the FTX bitcoin market.
Another cryptocurrency specialist stated on Twitter that it most likely was a bull trap. “Certainly, it looks to have been a bull trap.”
In the meanwhile, Bitcoin recorded a total daily volume of just $22,94 million in liquidations. As the value of the asset swung between $22,242 and $22,970 during the course of the preceding 24 hours, both long positions ($11.39 million) and short positions ($11.55 million) had their holdings reduced.
10k $ETH market sell within 10 mins on FTX spot markets resulted in a -4% move
that is but a fraction of their inventory
running short stops / liquidations… then dump, it’s ponzi market pic.twitter.com/z6PiNEPyiX
— Ninja (@Ninjascalp) July 24, 2022
Dogecoin liquidations were quite low when compared to those of the top two cryptocurrencies. Long holdings in the meme currency accounted for 75 percent of the $669,000 worth of DOGE that was sold off. According to information provided by Benzinga Pro, the price of DOGE fluctuated between $0.065 and $0.068 during the course of the last twenty-four hours.
$ETH one final push to 1690 before going down? Would be a beautiful combo, bull trap + stop hunt of shorts that were pilling up these past days pic.twitter.com/dSfqjjOOWR
— fabiocabral.eth (@fabiocab99) July 24, 2022