Bitcoin, Ethereum Down 2% Despite Retail Rotation: What’s Going On?

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) saw $1.4 billion in liquidations over the past week as retail capitulates on altcoins and rotates back into majors.

What Happened: Bitcoin slipped below $85,000 mid-week before grinding back to $90,000 by the end of last week, though it has failed to follow through this week.

Ethereum dropped below $3,000 as liquidations hit $600 million Monday, then another $400 million on Wednesday and Thursday, respectively

The damage was severe but short-lived. 

Overleveraged positions got wiped out quickly, forcing traders to retreat into Bitcoin and Ethereum—the only assets with enough liquidity to absorb the shock.

Retail Rotates Out Of Altcoins As TradFi Keeps Building …

Full story available on Benzinga.com