Crypto Futures See Over Half a Billion in Losses as Meme Coins Crash

Crypto-tracked futures saw over $550M in losses in the past 24 hours, with meme coins racking up $90M in evaporated bets.

Leveraged bets on crypto futures increased to over $66B in the past week, while funding rates on some tokens zoomed over 100% annualized.

Bitcoin and Ether briefly peaked near all-time highs before profit-taking kicked in, with Bitcoin falling to $64.5K.

Bullish bets on Dogecoin reached a lifetime high last week during its 110% weekly surge.

Analysts see unusually large Shiba Inu moves as a generally bearish signal, since meme coin outperformance has marked Bitcoin tops before.