Leading cryptocurrencies slid on Sunday night as large investors began to lock in gains.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:05 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.09% | $116,272.17 |
|
Ethereum (CRYPTO: ETH) |
-0.51% | $4,390.04 |
| XRP (CRYPTO: XRP) | -2.27% | $3.03 |
| Solana (CRYPTO: SOL) | -1.13% | $186.59 |
| Dogecoin (CRYPTO: DOGE) | -1.48% | $0.2285 |
Cryptos Sell Off As Shorts Spike
Bitcoin tumbled below $116,000 overnight, while trading volume rose slightly by 5% in the last 24 hours. The decline comes after the apex cryptocurrency reached an all-time high of $124,000 earlier this week.
According to CryptoQuant, the Exchange Whale ratio, the ratio of the top 10 inflows to the total inflows of the exchange, surged sharply, suggesting that whales were cashing out.
Ethereum recorded a similar plunge, dropping from an intraday high of $4,575 to below $4,400.
Nearly $350 million was liquidated from the market over the last 24 hours, with bullish long traders losing $236 million.
Bitcoin's open interest rose 0.15% over the last 24 hours. When price falls but open interest starts rising, it typically indicates that traders are opening new short positions.
The BTC Long/Short ratio also revealed a sharp increase in bearish bets during the last 24 hours, from 50% to 57%.
The "Greed" sentiment weakened from 64 to 60, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:05 p.m. ET) |
|---|---|---|
| Chainlink (LINK) | +14.73% | $25.76 |
|
Arbitrum (ARB) |
+8.13% | $0.5273 |
| MemeCore (M) |
+7.41% |
$0.4386 |
The global cryptocurrency market capitalization stood at $3.94 trillion, following a decrease of 0.77% in the last 24 hours.
Stock Futures In The Green
Stock futures edged higher overnight Sunday. The Dow Jones Industrial Average Futures gained 66 points, or 0.15%, as of 9:26 p.m. EDT. Futures tied to the S&P 500 rose 0.17%, while Nasdaq 100 Futures lifted 0.29%.
Major averages finished last week on a high, with Dow ending 1.73% higher and S&P 500 gaining 0.85%.
ETH On Track For $5,000?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe weighed in on the market's weekend moves, identifying $120,000 as a crucial target for Bitcoin to surpass.
Another popular cryptocurrency-focused X user Wolf ruled out an immediate correction for Ethereum.
"First, ETH needs to take out ATHs above $5,000. That's the plan, and we're sticking to it," the analyst projected.
Photo: Yalcin Sonat on Shutterstock.com
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