Investors are abuzz with excitement as Ethereum, experiencing a 17% surge within 24 hours, reaches $3,645, igniting a frenzy in the cryptocurrency market.
The asset leads in liquidations, totaling $114.47 million, with $29.98 million in Longs and a significant $84.50 million in Shorts. This dramatic rise highlights Ethereum’s volatility and market dominance.
On Monday, Ethereum (ETH) surged to an intraday peak of $3,691 per coin, driven by swirling rumors on social media and forums about the potential SEC approval of several spot ETH ETFs. According to various reports, sources revealed that exchanges were allegedly instructed by the SEC to expedite their 19b-4 filings.
Bloomberg analysts Eric Balchunas and James Seyffart significantly raised their approval predictions from 25% to 75%, adding to the market excitement. As a result, ETH saw a substantial increase, rising from $3,140 at 3 p.m. Eastern Time (EDT) on May 20 to a high of $3,691 per coin by 6:30 p.m. EDT.
Ethereum (ETH) has seen a significant increase, rising 17.96% against the U.S. dollar and adding $551 to its value in just a few hours. This surge has pushed Ether’s dominance in the cryptocurrency market to 17%, giving it a total market valuation of $438 billion, and the 24-hour trading volume surged a staggering 254%, valued at $37 Billion.
The total crypto market liquidations reached $340.35 million, with $77.26 million Longs liquidated and $263.34 million in Short. Over the last day, 78,944 traders faced liquidation, totaling $340.61 million. The largest individual liquidation occurred on Huobi, with an ETH-USDT value of $3.11 million.
The upcoming decision on the Ethereum ETF has stirred up a lot of interest in the weekly and monthly ETH options expiries. On Deribit, the top derivatives exchange, the open interest for Ether options is substantial: $867 million on May 24 and an impressive $3.22 billion on May 31.
The call-to-put ratio on Deribit heavily favors call options, suggesting that traders are more inclined towards buying options than selling them.
