Bitcoin and Ethereum’s large-scale liquidations on Binance and on retail-heavy exchanges likely ushered the recent price decline. Nearly $157 million in derivatives positions were liquidated within an hour on Tuesday. Solana-based meme coins Book of Meme, Catwifbag and Tombili the Fat Cat posted double-digit gains.
Analysts at QCP Broadcast said in a Telegram post that the speed of Bitcoin and Ethereum’s price decline on Tuesday was due to large-volume liquidations on retail-heavy exchanges. Further, the perpetual funding rate on platforms like Binance dropped from as high as 77% to flat, stressing asset prices in the spot market. BTC/USD 15-minute price chart QCP Broadcast analysts expect Bitcoin and Ethereum prices to trade sideways after the correction.