How could leveraged positions accelerate the Ethereum crisis?

Ethereum is back to levels not seen since the beginning of 2021. The cryptocurrency is recording a 50% retracement from its all-time high of $ 4,000 on the weekly chart. At the time of writing, ETH is trading from 1,927, with a loss of 22.9% on the weekly chart. ETH in downtrend on the daily chart. Source: ETHUSD Tradingview One of the biggest entries on trading platforms came before the ETH price drop. As shown in the chart below, approximately 199,947 ETH or $ 445 million have been deposited on all exchanges as of March 23. Source: In the Glassnode Derivatives industry via Lex Moskovski, CryptoMeter for Binance Futures posted about $ 809 million in long positions and $ 785 million in short positions for the BTC / USDT trading pair in the past hour. The ETH / USDT pair had $ 394 million and $ 388 million during the same period. Binance Futures event: 🔵 $ BTCUSDT Long value 809.4 million + USDT 🔴 $ BTCUSDT 785.4 million worth shorts + USDT 🔴 $ ETHUSDT Short 394.3 million + USDT 🔵 $ ETHUSDT Long value 388 million + USDT # cryptocurrency #cryptotrading #Binance Futures – https : //t.co / LIVO4vt168 – CryptoMeter.io (@CryptoMeterIO) 23 May 2021 Trading in derivatives was crucial to the development of the current price action. FTX CEO Sam Bankman Fried shared data on the industry's performance. Bankman said last week that $ 20 billion in long positions was liquidated. However, $ 20 billion, which is the total number of contracts traded in this sector, remains open interest. Bankman Friend believes the market is approaching "end-of-period liquidations". He added: (…) most of the remaining OIs are unlikely to be disclosed (liquidated). However, there are other types of liquidation (…). Then there are OTC loans. Will they be searched? I do not guess: This year is still going a lot, so most people are probably still in green! And OTC loans / credits are usually issued over longer time frames. Ethereum: two sides of a coin

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