The price of Injective (INJ) has decreased by 5% following slight sell-off pressure after a recent sharp increase fueled by ETF news.
Price Dynamics Overview
On July 29, Injective's price retreated by about 5%, reaching lows of $13.88. The token saw a surge from $14.48 to over $16.35 earlier in the week but has since pulled back. Currently, the price hovers around $14.31, below the intraday low on July 28.
Reasons for Price Surge
The price gains for Injective were driven by news that Cboe, the largest options exchange in the United States, filed for approval to list the Staked Injective ETF with the U.S. SEC. This filing puts Injective among other major staked crypto ETF filings, including Ethereum and Solana, highlighting growing institutional interest in INJ.
Long Liquidation Data
Data from Coinglass indicates that over $982,000 worth of Injective positions were liquidated in the last 24 hours. The majority of these were bullish bets, exceeding $895,000. The open interest for INJ has decreased by 10.4%, currently around $167 million.
Despite the current dips, analysts point to Injective's price signaling a potentially bullish outlook on higher time frames. Market focus remains on regulatory developments regarding staked crypto ETFs.
