reflected in a surge of liquidation volume to $300 million. The most interesting part is the source of most liquidations.
Traditionally, every plunge in the market and surge in liquidations is caused by the price performance of the biggest asset on the market, Bitcoin. However, today, this is not the case. According to Liquidation Data, the biggest providers of pain on the market today are FTT and ETH.Following potential insolvency issues on FTX, they had no choice but to deploy as much capital as possible, which involves selling off their Ethereum holdings.
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