ETHEREUM HIT HARDEST - $700 MILLION IN LONG LIQUIDATIONS
Ethereum has been hit the hardest among major cryptocurrencies, suffering a more than 10% decline and incurring more than $700 million in long liquidations over the past week, outpacing Bitcoin's upside liquidations, according to Coinglass data . ETH is hovering around $2,110, up 0.5% on Tuesday after facing strong selling pressure over the past week .
On-chain records show that wallets with a balance of 100-1,000 ETH and 1,000-10,000 ETH offloaded a combined 386,000 ETH between May 11 and May 18, maintaining a distribution pattern that has been consistent over the past few months. During the same period, whales accumulated 330,000 ETH earlier, pouncing on the price dip, but eventually tapered that figure by 60,000 ETH over the past few days .
The US 30-year Note Yield reached 5.19%, representing its highest level since 2007. Similarly, Japan's 10-year Government Bond Yield surged to a record high of 2.81%. Historically, risk assets like cryptocurrencies have performed poorly when treasury yields are rising, as this signals higher borrowing costs, often pushing investors toward safer, income-generating government bonds .