Ethereum Liquidations Skyrocket As ETH Price Comes Under Strong Selling Pressure After the Successful Launch of the Spot Ethereum ETF

A day after the successful launch of the spot Ethereum ETF, the Ethereum price has come under strong selling pressure cracking over 8% and tanking all the way

The price of Ethereum (CRYPTO: ETH) has seen massive selling pressure over the last 24 hours, falling by 8.3% and hitting lows of $3,150. This selling pressure has led to heavy liquidations of long ETH positions.

Ethereum Liquidations Surpass Bitcoin's

Data from Coinglass shows that total Ethereum liquidations have surpassed those of Bitcoin over the last 24 hours. According to the data, Ethereum liquidations currently stand at $97.8 million, while Bitcoin liquidations are comparatively lower at $80.9 million.

Out of the total ETH liquidations, $94.4 million are long liquidations, with only 43.3 million in short liquidations. Notably, the majority of these liquidations have occurred within the past four hours as the Ethereum price faces immense selling pressure.

It appears that the approval of the spot Ethereum ETF may have turned out to be a "sell-the-news" event, similar to what was observed in the case of Bitcoin earlier this year in January. As the ETH price surged to highs of $3,500 in July, investors could be finally cashing out amid the hype surrounding the ETF approval.

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Keep An Eye On This ETF Application

One interesting development to watch out for is a new S-1 filing for a combined spot Bitcoin (CRYPTO: BTC) and Ethereum ETF by Hashdex. The ETF, to be listed on the NYSE Arca, will offer investors exposure to both leading cryptocurrencies.

The filing states that the ETF will invest at least 80% of its net assets in shares of either the Bitcoin Spot ETF Trust or the Ethereum Spot ETF Trust. Both trusts will track the performance of the underlying cryptocurrency, and the ETF will dynamically adjust the allocation between the two trusts.

This combined ETF could provide investors with a convenient way to gain exposure to both Bitcoin and Ethereum in a single fund. As the regulatory landscape for crypto ETFs continues to evolve, it will be interesting to see how this application fares and whether it paves the way for more multi-cryptocurrency ETFs in the future.

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