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In the last 36 hours, the crypto market experienced its most intense deleveraging since 2021, as nearly $3 billion was liquidated across major assets.<\/p>\n
Ethereum (ETH) led the sell-off after recording roughly $900 million in liquidations, and even surpassed Bitcoin for the first time in months.<\/p>\n
In its latest update, data analytics platform Alphractal pointed<\/a> to the 24-hour Liquidations-to-Open Interest ratio as a crucial indicator, highlighting which assets are facing the heaviest pressure.<\/p>\n It found that top-tier tokens like Bitcoin (BTC) and Ethereum have not yet seen a full-scale deleveraging. However, mid- to lower-cap altcoins, ranging from the Top 10 to the Top 700, have taken the hardest hit, wiping out leveraged positions and driving market volatility higher.<\/p>\n All eyes are on whether Ethereum\u2019s current losses mark the start of broader liquidations, as Bitcoin and other large-cap coins may still face further downside. Alphractal CEO Joao Wedson also revealed<\/a> that despite the bearishness, especially in ETH, he believes the recent wave of long liquidations could act as a catalyst to re-ignite market momentum.<\/p>\n \u201cETH has been following the reaccumulation phase I warned about back in August. We went short exactly at the last ATH, and the position is still open. I still believe that the latest long liquidations will re-ignite the market for a bullish October \u2013 even if many traders are still unsure.\u201d<\/p>\n<\/blockquote>\n On the institutional side of things, Ethereum attracted<\/a> a strong $772 million inflow last week. Such activity could provide crucial support for its price as investor sentiment improves. The surge came alongside the US Federal Reserve\u2019s long-anticipated rate cut, which initially sparked caution but later fueled renewed confidence in digital assets.<\/p>\n Meanwhile, crypto analyst Ted Pillows predicted<\/a> that Ethereum will eventually climb above $10,000 this cycle, but not before a significant correction plays out. In his latest update on X, Pillows warned that the market is currently in the midst of that pullback and sees ETH potentially dropping to the $3,600-$3,800 range before finding a bottom.<\/p>\n According to the analyst, this dip would set the stage for a strong reversal and a push toward a new all-time high once the correction is complete.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
Correction Now, $10,000 Later<\/h2>\n
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