Injective Price Sees Modest Decline After ETF Filing Spurs Initial Surge Amid Market Uncertainty

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.