Bitget Research Institute: If ETH falls by 20%, it may trigger a liquidation risk of more than $336 million

Odaily News Ryan Lee, chief analyst at Bitget Research Institute, pointed out that as the market enters the second quarter, Bitcoin and Ethereum are facing the dual test of macro and technical factors. Currently, BTC fluctuates in the range of $80,000-$86,000, and ETH fluctuates in the range of $1,600-$2,200.
The 25% tariff policy proposed by Trump (to be implemented on Mexican and Canadian goods from April 2) has caused market concerns about the resumption of the trade war. The linkage between crypto assets and traditional markets has increased, and the correlation between BTC and Nasdaq has reached 0.67. If the US stock market weakens in the future, it may drag down the crypto market.
ETF fund flows also show differentiation: BTC ETF continues to attract funds, while ETH ETF funds continue to flow out, indicating that institutional preferences are leaning towards Bitcoin. Relevant data shows that if ETH falls 20% from the current price, it will trigger more than $336 million in liquidations, mainly concentrated on DeFi lending platforms. ETH's high reliance on leveraged protocols may lead to chain selling pressure, and $1,600 has become a key support level. Once it falls below, it may accelerate downward.