Shortly after the first ETFs started trading, bitcoin prices climbed to over $49,000 briefly - igniting bullish sentiment and levered bets amid the sudden spike. That drove prices of various majors, such as ether (ETH) and Solana's SOL, up as much as 10% within hours.
A slide in bitcoin prompted similar price action in other futures products, amounting to over $230 million in liquidation losses - meaning traders lost a significant amount even as the overall market remained flat over the past 24 hours.
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