Ethereum ETF Approval Causes $350 Million in Liquidations

Crypto prices experienced wild swings on Thursday as traders awaited the U.S. regulatory decision to list spot-based Ether ETFs. Ethereum (ETH) declined to $3,500 before surging to around $3,900, and finally stabilizing above $3,800 following the confirmation of the approval. Similarly, Bitcoin (BTC) dropped to the low $66,000s before peaking at $68,300, later stabilizing below $68,000. This volatility resulted in more than $350 million in liquidations, primarily from long positions, with ETH traders experiencing $132 million in liquidations and BTC derivatives seeing $70 million.