Crypto Futures Lose Over $550 Million in 24 Hours, Meme Coins Account for $90 Million of Evaporated Bets
In the past 24 hours, crypto-tracked futures have suffered losses of over $550 million, with meme coins alone accounting for $90 million in evaporated bets. Leveraged bets on crypto futures have increased to over $66 billion in the past week, with funding rates on some tokens exceeding 100% annualized. Bitcoin and ether briefly rose above $68,500 and $3,700, respectively, before experiencing profit-taking and falling to $64,500 and regaining the $67,000 level. Futures tracking dogecoin, shiba inu, and pepecoin lost a cumulative $90 million across exchanges in an unusual move.
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