Ethereum

Rally

United

Bitcoin ETF

Bitcoin

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Ethereum (ETH) and Bitcoin (BTC) <a href="https://www.tradingview.com/symbols/BTCUSDT/">experienced</a> a sudden downturn after what many investors saw as a promising rally. Ethereum's price on the Bitstamp exchange took a sharp dive, falling to $1,973 following a peak of $2,050 earlier in the trading session.&nbsp;
<a href="https://u.today/bitcoins-btc-next-stop-is-40200-says-analyst">BTC</a> mirrored this fall, plunging down to $35,600 from its day's high of $37,972.&nbsp;
<blockquote>
 <a href="https://twitter.com/hashtag/ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#ethereum</a> just dropped like a rock <a href="https://t.co/K8qVcFQOus">https://t.co/K8qVcFQOus</a> <a href="https://t.co/s4joQDuno4">pic.twitter.com/s4joQDuno4</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1722648685207490858?ref_src=twsrc%5Etfw">November 9, 2023</a>
</blockquote> 
<h2 id="massive-liquidations">Massive liquidations&nbsp;</h2>
In the span of one hour, the market saw $11.22 million worth of liquidations, according to CoinGlass <a href="https://www.coinglass.com/LiquidationData">data</a>. The liquidations were almost evenly split between long positions ($5.67 million) and short positions ($5.55 million).
Looking at a broader timeframe of four hours, the liquidations escalated significantly to $280.76 million. The majority of this amount came from long position liquidations, which totaled $174.08 million, compared to $106.68 million from short positions.
In a full day, the total liquidations amounted to $475.71 million. Interestingly, in this timeframe, the trend reversed, with short positions seeing more liquidations ($268.07 million) than long positions ($207.64 million).
<h2 id="speculation-about-crypto-etfs">Speculation about crypto ETFs</h2>
The crypto community is now abuzz with <a href="https://twitter.com/SummersThings/status/1722630271013675199">speculation</a> following the registration of the iShares Ethereum Trust in Delaware.&nbsp;
This move is reminiscent of the registration of BlackRock's iShares Bitcoin Trust, which occurred just a week before their formal ETF application with the SEC.&nbsp;
The registration is seen by many as a precursor to mainstream adoption that could potentially pave the way for increased institutional investment in Ethereum.
Meanwhile, the possibility of a Bitcoin ETF in the United States seems to be <a href="https://u.today/bitcoin-could-see-etf-approval-tsunami-analyst">gaining ground</a>. Analyst Alex Dovbnya has reported a potential "tsunami" of spot Bitcoin ETF approvals by January 2024. Seyffart from Bloomberg Intelligence cites a "90% chance" by early January 2024. &nbsp; &nbsp;

Ethereum (ETH) and Bitcoin (BTC) Prices Collapse After Stunning Rally

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