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Pump-fun volume drops by 63% in February

The cryptocurrency market faced a large-scale sell-off, with over $1.08 billion in leveraged positions liquidated in the past 24 hours. Traders betting on price increases lost nearly $498 million, while those in short positions accounted for $583.93 million. Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL) saw significant liquidations, rattling many crypto investors. Data shows Bitcoin (BTC) led the liquidation wave with $415.11 million wiped out, followed by Ethereum at $190.82 million. XRP posted $96.50 million in liquidations, ADA $86.91 million, while SOL trailed closely with $86.76 million. Notably, Binance accounted for the largest single liquidation event, where a BTC/USDT trade valued at $15.49 million was erased. This volatile trading period has also sparked discussion about the proposed U.S. “Crypto Strategic Reserve.” One crypto observer criticized the selection of XRP, ADA, and SOL for the reserve, arguing that these tokens lack real-world utility. Accusations surfaced, claiming XRP is mainly for insider selling, ADA’s founder might have connections to controversial individuals, and SOL has allowed pump-and-dump schemes in the memecoin space. Related: FTX/Alameda Unstakes $432M in SOL Sending Tokens to Exchanges, Adds to SOL Price Pressure Adding to the tension, crypto analyst Marty Party alleged that Binance offloaded its SOL and ETH holdings to settle its Department of Justice (DOJ) fines while making money from futures liquidations. Even Bybit reportedly liquidated markets to recover lost ETH, only to buy it from retail investors at discounted prices. Such actions can reignite distrust toward centralized exchanges and spark calls for greater transparency. The liquidation data issue continues to intensify, with Coinglass urging Binance to publicly disclose all liquidation metrics. Binance restricted liquidation data access in mid-2021, citing potential risks to its perpetual contract business. Previously, former CEO Changpeng Zhao (CZ) had voiced concerns that too much transparency could attract regulatory attention and media-driven market manipulation. However, critics argue that data transparency is a fundamental blockchain principle that should not be compromised. Related: SEC Goes All In on Crypto Task Force: Here’s the Complete List of Key Members Despite skepticism, some traders remain optimistic. Supporters see the current market dip as a natural pause before a bullish rebound. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ethereum is selling off heavily as quantitative tightening (QT) continues. Crypto analyst Benjamin Cowen highlights the similarity of the current Ethereum cycle to the market environment of 2019. During QT in 2019, Ethereum formed a wedge pattern, briefly broke above it, then fell below. Shortly, the Federal Reserve stopped QT , leading to a bottom for ETH/BTC and a short-term pump for ETH/USD. Today, Ethereum is once again breaking down into its long-term regression band, mirroring the 2019 scenario. With QT still in place, the likelihood of a near-term policy shift by the Fed remains high. The macroeconomic backdrop plays a crucial role in shaping Ethereum’s price action. Currently, Ethereum is trading around $2,061.26 , facing a steep decline after losing support from its wedge formation. The green regression channel, which historically defined Ethereum’s long-term growth, now serves as a crucial support zone. Additionally, a yellow symmetrical triangle, representing market consolidation, was previously broken to the upside. However, Ethereum has now retraced and fallen below its lower boundary. This movement signals potential weakness, increasing the probability of testing lower support levels within the regression band. Moreover, the macroeconomic indicator, reflected by a blue trend line, has been decreasing since it reached its highest value in 2022. This downtrend is in line with Ethereum’s declining momentum, which reflects high correlation between liquidity conditions and prices. As financial conditions tighten up, Ethereum is subjected to increasing pressure , highlighting long-term support levels. Cowen suggests that the Federal Reserve could end QT within the next few months. Historically, the conclusion of QT in 2019 coincided with Ethereum’s bottom, triggering a price rebound. If the Fed shifts its stance, liquidity could improve, supporting Ethereum’s price recovery . Furthermore, price action within the green regression channel has historically led to strong rebounds. A potential bounce from the lower band could provide a bullish opportunity. However, if Ethereum fails to hold these levels, further declines may follow. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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