Bitcoin and Ethereum Bounce 3% After Liquidating Over $160 Million

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Coinglass Data Reveals Major Liquidations

In the past 24 hours, Coinglass data shows that the crypto network liquidated a staggering $167 million. Out of this, long positions accounted for $150 million. Bitcoin faced liquidations surpassing $77 million, while Ethereum saw over $33 million in liquidations. XRP and SOL followed with liquidations of $4.58 million and $3.44 million, respectively.

FTX’s Asset Sale Sends Shockwaves

Market jitters intensified with the revelation that FTX plans to offload its crypto holdings. As reported by Blockchain.News, FTX’s disclosed crypto assets are valued at roughly $3.4 billion. The top 10 digital assets on the platform make up a dominant 72% of its total crypto holdings. Solana (SOL) leads the pack with a valuation of around $1.2 billion. Bitcoin (BTC) and Ethereum (ETH) trail with values of $560 million and $192 million, respectively. Other notable assets include APT, USDT, XRP, BIT, STG, WBTC, and WETH.

Week Sees Massive Token Unlocks

This week is marked by significant token unlocks. On September 11 at 08:00 (UTC), Moonbeam released 9.7 million GLMR tokens, worth about $1.74 million, or 1.34% of its circulating supply. Aptos will follow on September 12 at 08:00, unlocking 4.54 million APT tokens valued at roughly $23.85 million, representing nearly 2% of its supply. Lido will release 1.5 million LDO tokens on September 13 at 11:33, valued at about $2.22 million or 0.17% of its supply. Euler plans to release 150,000 EUL tokens on September 14 at 07:17, worth around $400,000 or 0.83% of its supply. Flow will unlock 7.29 million FLOW tokens on September 16 at 08:00, valued at approximately $3.09 million, or 0.70% of its supply. Lastly, ApeCoin is set to release a massive 40.6 million APE tokens on September 17 at 08:00, with an estimated value of $51.6 million, making up a significant 11.02% of its circulating supply.

Hot Cryptocurrency Lows

Several hot cryptocurrencies hit record lows. ARB touched an all-time low, while PEPE saw its lowest since being listed on Binance. Shiba Inu’s (SHIB) price has dropped even lower than its lowest point during the summer of Shibarium.

Bitcoin and Ethereum Rebound by Over 3% Following Recent Dip

In the wake of prevailing news and a bearish sentiment, Bitcoin’s price dropped to $24,900. This marked a value even lower than its August 17, 2023, level when Bitcoin suffered a 7% decline. This downturn resulted in over $160 million being liquidated. However, following the dip, a bullish RSI divergence was observed, prompting Bitcoin to swiftly rebound by more than 3%.

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