- Bitcoin and Ethereum ETF volumes rose to nearly $6 billion.
- BTC and ETH have seen a slight rebound over the past 24 hours.
Bitcoin [BTC] and ether [ETH] experienced notable price declines during the last trading session, breaking major support levels.
Despite this price drop, there was a contrasting increase in activity within their respective Exchange-Traded Funds (ETFs), where trading volumes reached impressively high numbers.
Bitcoin and Ethereum ETF Volumes Hit Record
Recent data from Mint glass highlighted a significant increase in trading volumes for Bitcoin and Ethereum ETFs. These assets collectively approached a significant $6 billion during the last trading session.
Bitcoin ETFs accounted for the majority of this volume, amassing $5.70 billion, with BlackRock’s Bitcoin ETF leading the way with nearly $3 billion.
This figure underlined BlackRock’s dominant position in the market.
On the Ethereum side, ETFs also saw significant activity, pushing the drawdown over A volume of $715 million.
Grayscale’s Ethereum Trust emerged as the top contributor, with trading volume exceeding $261 million, underscoring the prominence of Ethereum investment products.
These volumes in Bitcoin and Ethereum ETFs during the latest session are particularly notable, as they occurred amid general market volatility and price declines for both cryptocurrencies.
Market Liquidation Amid ETF Surge
The broader sector saw a dramatic spike in liquidation volumes, amid a notable increase in Bitcoin and Ethereum ETF volumes. This increase in liquidations reached levels not seen since March.
Data analysis showed that the total market liquidation volume on that day exceeded $1 billion. A closer look at the breakdown of these figures showed that long positions suffered the most from these liquidations.
The record showed more than $801 million in long liquidations, compared to $284 million in short liquidations.
Source: Coinglass
With a focus on individual cryptocurrencies, Bitcoin was responsible for over $408 million of the total liquidations, with long positions once again seeing higher volume.
Ethereum also saw substantial liquidations, totaling almost $280 million, with long positions also dominating. BTC and ETH liquidations made up more than half of the market’s total liquidation volume.
BTC and ETH are seeing a slight recovery
According to AMBCrypto’s analysis, Bitcoin and Ethereum price trends are showing modest daily recoveries. Bitcoin was trading at around $55,600 at the time of writing, reflecting an increase of more than 2%.
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This followed a 6% decline in the previous session, which had lowered the price to around $54,000.
Meanwhile, Ethereum priced at around $2,466, marking an increase of over 1% from the $2,421 recorded during the previous session, following a decline of over 9%.