Ethereum Bears Lost $11 Million!

Ethereum and altcoins, especially Bitcoin, the leading cryptocurrency, experienced a nice rise yesterday.

BTC rose to $27,300 and ETH rose to $1680.

While the 90% probability that the Ethereum futures ETF will be traded in the first week of October was effective in this rise in ETH, the bears expecting a decline suffered a loss of 11 million dollars.

At this point, Bloomberg ETF analyst Eric Balchunas stated that Ethereum futures ETFs will most likely (90% chance) begin to launch in early October.

While the ETH price saw a 5% increase in the last 24 hours against ETF approval expectations, investors who expected a decrease in ETH were left in reverse.

According to Coindesk, Coinglass data shows that investors who opened a short position for ETH, that is, who thought that the price of ETH would decrease, were liquidated for $ 11 million.

The data also shows that one-third of liquidated positions occurred in positions on the OKX exchange. Binance and Huobi came after OKX in short position liquidations.

*This is not investment advice.

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