Injective Price Sees Modest Decline After ETF Filing Spurs Initial Surge Amid Market Uncertainty
Main Idea
Injective (INJ) price experienced a surge followed by a decline after Cboe’s ETF filing for Canary Capital’s Staked Injective fund, reflecting market volatility and profit-taking.
Key Points
1. Injective price dropped nearly 5% to $13.88 after initially surging above $16 due to ETF filing news.
2. Over $982,000 in Injective long positions were liquidated within 24 hours, with $895,000 from long positions.
3. Open interest dropped by 10.4% to around $167 million, and derivatives volume decreased 16% to $413 million.
4. The ETF filing signals growing institutional confidence in Injective, positioning it among leading staked crypto assets.
5. The price decline was attributed to profit-taking by traders after the initial surge triggered by the ETF news.
Description
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