Ether Shed $54 Billion in Nearly Three Weeks; Analyst Says Correction May Be Ending

Ether (ETH) lost about $54 billion in market value in nearly three weeks as a broad altcoin pullback coincided with a sharp reduction in derivatives positions, while analyst Darkfost said the correction may be nearing its end. Ether's price fell about 15% during the period. Binance's ETH open interest declined by $1.3 billion over the past month to $5.7 billion, a drop of nearly 20%. Total ETH open interest across the market fell to $11.5 billion. Darkfost attributed the deleveraging to falling prices, cascading liquidations and traders closing positions to reduce risk.

Source: TokenPost