$573 Million in Long Positions Liquidated After Fed Rate Hike Warning

Roughly $572.98 million (about 77 billion won) in investment positions were forcibly liquidated in the cryptocurrency market in a single day after the U.S. Federal Reserve signaled it could raise interest rates further this year. Minutes of the Fed's September meeting, released on the 8th, showed that some members judged additional rate hikes to be appropriate. 92.82% of the liquidations were 'long' positions betting on price increases. The liquidation breakdown by asset also reflected this movement: Ethereum saw the largest liquidations at $250.75 million, followed by Bitcoin at $185.16 million.

Looking at price movements, declines widened the further the market fell. Bitcoin traded at $83,392, down 2.60% over 24 hours, while Ethereum fell 4.55% to $2,569. Ripple dropped 5.47%, Solana 4.16%, Dogecoin 5.59%, and Hyperliquid 4.82%.

Total cryptocurrency market trading volume over the past 24 hours came to $103 billion, while derivatives volume rose 27.64% from the previous day to $792.5 billion. DeFi volume increased 15.59% to $13.5 billion, and stablecoin volume jumped 39.50% to $108.7 billion. Bitcoin's dominance rose 0.14 percentage points from the previous day to 59.18%, while Ethereum's share fell 0.20 percentage points to 11.08%.

Among external developments, it was reported that a cumulative $566 million in Tether had been moved from U.S. government-related wallets to Coinbase Prime. The Central Bank of Russia also registered five digital depository institutions and four virtual asset exchange operators for the first time under new regulations.

The five U.S. spot Ripple ETFs held a combined $1.7 billion in assets, with net inflows of $3.9 million over the past week. Ripple announced that it supports the custody and transfer of Canton Network assets on its institutional custody platform.