Cryptocurrency rally fizzles out as ETF enthusiasm fades

Cryptocurrency markets have given back some ground after rising sharply earlier this week amid optimism that a spot Bitcoin ETF could gain early approval.

Bitcoin is down 3% in the past 24 hours, while ETH is down 3.5% to $1,800.The consolidation comes after Bitcoin hit a 17-month high of $35,900 on Nov. 1, just one day after it became the world’s most valuable cryptocurrency 15 years old.

Bitcoin Price Trend

Bitcoin Price Trend

at the same time, GBTC discount The gap between the value of GBTC shares and the value of the Bitcoin backing them continues to shrink as investors look to convert Grayscale’s closed-end funds into ETFs.

GBTC discount chartGBTC discount chart

GBTC discount chart

Solana’s SOL fell 9% today but is still up 20% over the past week on continued positive signs Breakpoint Developer Conference.

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Most of the top 100 digital assets by market capitalization have fallen over the past day, with the exception of exchange’s token CRO, ByBit-backed Ethereum’s layer 2 network token MNT, and Cardano’s ADA token .

$180 million liquidated

As of 2 p.m. ET, leveraged positions exceeded $180 million liquidated Traders on both sides of the market have been affected by volatility over the past 24 hours.

24 hours clearing24 hours clearing

24 hours clearing

Prior to the sell-off, rising funding rates on perpetual contract exchanges suggested retail traders were adding leverage to chase the rally.

Perpetual funding rates as of 3 a.m. ET on November 2Perpetual funding rates as of 3 a.m. ET on November 2

Perpetual funding rates as of 3 a.m. ET on November 2

Some market participants warn This sentiment is ahead of price action.

the biggest loser

Cryptocurrency casino Rollbit’s RLB token plunged 14% today, the largest drop among the top 100 digital assets. Decentralized graphics solution RNDR and memecoin PEPE fell 12%.

Well-known projects Aave, Fantom, Lido, Arbitrum, Optimism, Synthetic and Chainlink all fell between 7% and 10%.

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