(Coinglass) Ether-tracked futures lost more than $236 million in 24 hours in a market turmoil that saw over $520 million wiped out from the market.
The significant decline in Ether liquidations pushed the price to below $1,800, with a decline of around 9% in 24 hours. The liquidations have been connected to the lack of demand for Ethereum’s block space, with gas or network fees falling since December.
Analytics firm Coinalyze says that the volatility in ether attracted a rise in open interest in the ether futures. Open interest represents the unsettled futures in the market, showing an increase in traders opening and taking short or long positions in expectations of a price move.
Bitcoin futures experienced liquidations of at least $125 million. Futures of Stepn’s GMT tokens lost $23 billion, with the decline connected to the ban of gameplay of the “step-to-earn” protocol by the Chinese authorities.
ETHUSD is down -1.52%, BTCUSD is down -1.21%.
