Fast Take
The latest rumors of a spot ETF approval, as reported by Cointelegraph, have triggered a big market response, with Bitcoin hovering as excessive as $29,800 over the previous hour.
This sudden surge has led to an inflow of liquidations, amounting to roughly $81 million. Apparently, the majority of those liquidations, roughly $70 million, had been brief positions. This implies {that a} appreciable variety of merchants had been caught off guard by the ETF information, resulting in an abrupt market adjustment and a squeeze of brief positions.
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