Why Did $ASTER Fall? Long Positions Closed as Selling Speeded Up
On a day when Bitcoin fell to around $65,000, altcoins were also under selling pressure. As the decline in $ASTER accelerated in the evening hours, liquidations in futures contracts increased. On exchanges tracked by CoinGlass, $7.76 million worth of $ASTER positions were liquidated in the last 24 hours. Of this, $7.74 million came from long positions opened with the expectation that the price would rise.
Futures trading volume reached $337 million during the same period, while the total value of open positions in dollar terms decreased by approximately 16 percent to $308 million. The forced closing of leveraged long positions as prices fell may have increased selling pressure in the futures market.
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1 Million $ASTER Sales Seen Earlier in the Day
According to LC Insight, citing DeepSea data, an unidentified wallet sold approximately 1.06 million $ASTER for $677,000 earlier in the day. The transaction occurred hours before the sharp drop in the market that evening.
*This is not investment advice.
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