🚨 Crypto Analysis Today 🚨
1️⃣ BTC Liquidation Spiral 📉
Liquidations in BTC increased to $49.8M (+40% year-on-year), with 71% of forced closures in long positions. Open interest in perpetual contracts rose 11.8% to $801B, intensifying the drop after the break of $3,700 in ETH.
🔍 Attention: Key support in BTC at $117K; if broken, it could unleash over $100M in liquidations.
2️⃣ Institutional Moves in ETH ⚖️
The rebranding to ETHZilla and a treasury with $425M in ETH brought volatility: initial momentum but profit-taking at $3,750.
⏳ Large long-term allocations, but may cause short-term ups and downs due to execution risks.
3️⃣ Bearish Winds in Altcoins 🌪️
• Eclipse (ES) -7% due to post-airdrop pressure
• WEMIX -11% due to regulatory fears in Korea
• FARTCOIN -14% following criticism of memecoins
The Altcoin Season Index dropped 20%, signaling a rotation towards BTC due to sector risks.
📊 The correction is a consolidation after a 17% rise in July, affected by deleveraging and profit-taking. The crypto-Nasdaq correlation is high (0.90), watch for the Fed's decision today: cuts >0.5% could reactivate risk appetite.
❓ Key question: Can ETH hold support at $3,650 after inflows from ETFs, or will Bitcoin's dominance continue to rise?
