Crypto Market Extends Slide Despite SEC Ether ETF Filings Approval

Bitcoin and ether saw significant fluctuations leading up to the SEC’s ETF decision on Thursday. Ether dropped to $3,500 but quickly rose to $3,900 as reports of potential approval surfaced. Bitcoin fell below $66,500, then jumped to $68,300 before settling just under $68,000. Liquidations of leveraged crypto derivative positions reached over $350 million, the highest since May 1 according to CoinGlass data. Most of the liquidated positions were long bets on rising prices, totaling around $250 million. This suggests that traders who were overly leveraged were caught off-guard by the sudden drop in prices.