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Cryptocurrency: Market Declines Amid Whale Activity and Options Expiry

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by Giorgi Kostiuk

4 hours ago


The crypto market today has experienced a broad-based downturn, with the total industry market capitalization slipping to $3.33 trillion. Trading volume also shrank considerably by 16.50%, now standing at $93 billion, signaling cautious attitude from investors.

Whale Activity and Options Expiry Unnerve Investors

Bitcoin's price has slipped by 0.68% over the past 24 hours, currently hovering around $108,294.97. The root cause for this dip stemmed from the sudden movement of an 80,009 BTC wallet that had been dormant for over 14 years, worth approximately $8.7 billion. This type of activity raises security concerns and the potential for large-scale selling, which often results in defensive selling.

Additionally, a significant development is the $3.6 billion crypto options expiry, where Bitcoin accounts for $2.98 billion and Ethereum $610 million. The unwinding of these contracts has led to increased volatility and uncertain short-term moves.

Liquidation Events Strain Market

Liquidation events have further strained investor sentiment. Bitcoin’s leveraged long positions took a hit amid the dormant wallet scare, triggering cascading liquidations. The overall 24-hour trading volume for BTC has fallen by 14.9%, now at $42.47 billion.

Ethereum's decline relates to technical rejection as the failed attempt to break above $2,600 led to profit booking and liquidation of over-leveraged long positions. Additional pressure from options expiry and short-term resistance zones contributed to the correction.

Top Gainers Today

Today, notable cryptocurrencies include:

Top Gainers:

  • BONK Price: $0.00001847 +9.52%
  • PENGU Price: $0.01664 +5.60%
  • XDC Price: $0.06174 +2.45%

Top Losers:

  • TIA Price: $1.52 -5.00%
  • UNI Price: $7.02 -4.56%
  • IMX Price: $0.4286 -4.16%

The crypto market remains under pressure due to the influence of whale activity and high levels of open interest. Investors are urged to remain cautious amid short-term volatility.

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