Following Iran’s strike on Israel, the crypto market witnessed nearly half a billion in liquidations and turned the overall market sentiment bearish. On October 1, 2024, according to local news media, Iran fires hundreds of ballistic missiles over Israeli cities, resulting in a bloodbath in the crypto market.
Amid the strike, over 160K crypto traders liquidated a significant $495 million in both long and short positions. However, the single largest liquidation, amounting to $12.66 million, occurred on Binance in the BTCUSDT pair.
Out of the $495 million in liquidations, bulls liquidated nearly $416 million in long positions, while short sellers faced $78 million in short position liquidations. This massive liquidation hints at fear and a further price decline as bears begin to dominate the market.
According to CoinMarketCap data, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced a price decline of over 1.85%, 3.2%, 4.5%, and 3.4%, respectively, over the last 24 hours. However, major price declines appeared following the Iran strike.
Amid the bearish market sentiment, the on-chain analytics firm Lookonchain recently made a post on X (previously Twitter) that an Ethereum whale sold 29,480 ETH worth $76.8 million at an average price of $2,605, making a profit of $2.34 million. This suggests that the whale may have been aware of the impending price decline before the market actually dipped.
At press time, ETH is trading near the $2,480 level and has experienced a price decline of over 3.5% in the past 24 hours. During the same period, its trading volume jumped by 45%, indicating higher participation from traders and investors.
Additionally, ETH’s future open interest has declined by 4.5% in the past 24 hours, indicating the liquidation of traders’ positions, and there has been hesitation to build new ones due to fear in the market.
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