U.TODAY – U.TODAY presents the three best cryptonyness stories over the past 24 hours.
3,750 % Liquidation substance stunning bulls
The XRP Perpetual Futures has shown unusual trading patterns due to a significant difference of 3,750% between long and short positions. Coinglass data reveals that over 97% of the $ 500,000 in XRP futures, liquidated within an hour of Wednesday, January 22, stammered from long positions, with only $ 14,000 tied to shorts. The incidence of this big difference coincided with a mere 1.5% fall in XRP’s price. Previous increases of 2.3% in the value of the asset had strengthened trading’s confidence, which led to taking aggressive long positions. But a sudden change of value led to a lot of liquidations. A similar trend has been observed across the wider crypto market, with total liquidations of $ 79.28 million, predominantly from long positions ($ 53.25 million). For XRP, the remarkable imbalance indicates a high degree of overstatmentation for the market and an addiction to momentum-based trade.
whales that pick up the steam as ETFs attract nearly $ 250 million
According to Santiment, Bitcoin experiences an increase in whale activity, which has historically contributed to Bullish cycles on the market. The number of wallets with between 100 and 1,000 BTC has reached a record high level, with 15,777 wallets now reported. Santiment sees this increase in whale activity as a potentially positive indicator of Bitcoin’s future performance. On January 20, Bitcoin achieved a record price of $ 108,786, but it has since been facing a correction of 6%. Meanwhile, the latest data indicates that various Bitcoin ETFs have attracted $ 248 million in net streams on Wednesday, January 22, suggesting a strong institutional demand despite BTC’s underwhelming price action. According to QCP, the market is likely to remain “interval-bound” until there is more clarity over the fatty decisive declarations of the Fed, as Bitcoin struggles to regain Bullish Momentum in the midst of Fed’s hawky attitude and falling chances of serious interest rate reductions in 2025.
ETF archiving arouses surprise as Doge slides back to $ 0.3500
Yesterday it was known that Bitwise submitted a registration application for a Dogecoin ETF, following applications for some crypto-ETFs, including one for DODE, from investment companies Rex Shares and Osprey Funds. However, despite the positive market expectations that are usually associated with ETF messages, the news did not increase Dogecoin’s price; Instead, it fell by 5 %, to the surprise of many investors. “Bitwise Dogecoin Etf” was registered with the Delaware Department of State as a preparatory step before an official proposal for SEC can be made. If this product wins even a small part of the inflows seen in Bitcoin ETFs, it can potentially increase Dogecoin’s value. Currently, Dogecoin ranks as the seventh largest crypto with a market value of $ 53.5 billion. At the time of writing, DOGE is about $ 0.3622; Its price has more than tripled over the past year, taking advantage of Bitcoin’s performance and the latest developments in the creation of the Department of Government Efficiency (DOGE) in the US
