Crypto Market Sees $100B Drop in 24 Hours, Largely Due to Leveraged Positions Being Liquidated
• Crypto market loses $100B in 24 hours, but analysts say it's a normal and healthy correction • Funding rates and open interest were already falling before the drop, indicating leverage was flushing out • About $700M in liquidations over 24 hrs, 85% of which were long positions • Some attribute crash to SEC expected to reject Bitcoin spot ETFs, which could send BTC below $30K • Markets have stabilized, but could see further drops if SEC rejects anticipated ETFs this month