Immutable

Uniswap

Winter

Fantom

<p>As the crypto market drops for the second consecutive day, investors are bearing the consequences of significant liquidations in altcoins. A wave of capitulations now represents more than 440 million dollars in just 24 hours.</p>
<h2 id="h-the-crypto-market-winter-prolongs">The Crypto Market Winter Prolongs</h2>
<p>The last 24 hours have put the <a href="https://www.cointribune.com/en/the-crypto-market-is-collapsing-bitcoin-and-ether-in-free-fall/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> to the test. The overall capitalization plummeted by 3%, reaching $2.45 billion. At the heart of this storm, almost all of the top 100 digital assets suffered significant losses.</p>
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<p>Bitcoin lost 2% of its value, while Ethereum plunged by 3%. However, altcoins <a href="https://thedefiant.io/news/markets/markets-drop-as-altcoin-liquidations-top-usd440-million" target="_blank" rel="noopener noreferrer nofollow">bore the brunt</a> of the severe drops, with major tokens such as Fantom (FTM), Enjin (ENA), SUI, and Uniswap (UNI) experiencing declines of up to 17%. In this context, Bitcoin dominance even crossed the 56% mark, an unprecedented level since last March.</p>
<p>According to data from CoinGlass, these turbulences have led to the liquidation of 161,137 traders, totaling a colossal amount of $443.93 million. Ethereum faced $75 million in long liquidations, while Bitcoin accumulated $47 million.</p>
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<h2 id="h-the-shadow-of-massive-unlocks-looms-over-altcoins">The Shadow of Massive Unlocks Looms Over Altcoins</h2>
<p>Many analysts identify the recent massive token unlocks as the main factor in this altcoin collapse. The company 10xResearch highlights the dumping of $483 million worth of tokens from projects such as Aptos, Immutable X, Strike, Sei Network, Arbitrum, ApeCoin, and Uniswap.</p>
<p>“<em>Early investors and venture capital funds seem to be under enormous pressure to exit. These massive flows are causing Bitcoin to fall</em>,” the company explains. Moreover, recent data reveals that <a href="https://www.cointribune.com/en/etf-bitcoin-us-18-days-of-euphoria-is-the-price-of-btc-about-to-take-off/" target="_blank" rel="noopener noreferrer nofollow">U.S. Bitcoin ETFs</a> recorded over $145 million in outflows on June 17th.</p>
<p>Michael Van de Poppe, a renowned crypto analyst, believes this downfall represents the final phase of capitulation for altcoins. “<em>It’s the usual cycle, I have already seen it in 2020</em>,” he comments.</p>
<p>This violent correction, although indicative of turmoil that seems far from over, could nonetheless be a decisive turning point for the crypto market. Indeed, such events, as painful as they are, have often served as a catalyst for a <a href="https://www.cointribune.com/en/the-crypto-market-shows-resilience-despite-mixed-signals/" target="_blank" rel="noopener noreferrer nofollow">market reorganization</a>.</p>

Crypto Winter: $440M Lost in Altcoin Liquidations

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