Summary
BTC experiences a 9% drop, leading to $700 million in liquidations. Funding and open interest hit their lowest levels in weeks. ETFs see $132 million inflows, with predictions of a liquidity crisis in six months. VanEck suggests an ETH ETF could surpass BTC. Grayscale’s ETH discount doubles in a week, while SOL’s market cap hits an all-time high. Rumors circulate about a fund losing $1 billion on the BTC-MicroStrategy basis.
Key Points
1. BTC experiences a 9% drop, resulting in $700 million liquidations, with funding and open interest hitting their lowest levels in weeks. The sell-off appears more sustained compared to previous brief dips, with most BTC downside liquidations concentrated around $66,000.
2. ETFs witness $132 million inflows, sparking predictions of a potential liquidity crisis within six months. VanEck suggests that an ETH ETF could surpass BTC in size. Grayscale’s ETH discount doubles within a week.
3. SOL’s market cap reaches an all-time high amid a frenzy surrounding memecoins. Additionally, rumors circulate about a fund losing $1 billion on the BTC-MicroStrategy basis.