Bitcoin Long Liquidations Hit Nearly $40 Million in the Past 24 Hours
Bitcoin experienced significant long liquidations over the past 24 hours, totaling almost $40 million, as the price plummeted to a weekly low just above the $64,000 mark.
- Coinglass data reveals over $39 million in bitcoin long liquidations in the past day out of $45 million in total liquidated BTC positions.
- The wider cryptocurrency market witnessed more than $212 million in liquidations over the same period, with approximately $178 million coming from long positions.
Price Movements and Market Analysis
Bitcoin is currently teetering above the $64,000 threshold, with a 3.6% drop in the last day, trading at $64,033 at 5:35 a.m. ET, according to The Block’s Price Page. Ether also posted a 3.5% decline to $3,137 during the same timeframe.
Deceleration in ETF Inflows
Grayscale’s GBTC fund witnessed $130.42 million in outflows on Wednesday, and inflows from other spot bitcoin exchange-traded funds either slowed down or halted. Additionally:
- Eight other funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows on the same day.
- BlackRock’s ETF experienced the first day without inflows following a streak of 71 consecutive days of inflows into the fund.
- Only Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw inflows on Wednesday, with $5.6 million and $4.2 million, respectively, according to SoSoValue data.
Market Dominance and Global Cap
Bitcoin dominance slightly decreased to 50.8%, while ether dominance saw a slight uptick to 15.4%, as per Coingecko data. Furthermore:
- The global cryptocurrency market cap decreased by approximately 3.6% in the past 24 hours, now standing at $2.49 trillion, based on The Block’s Prices Page.
- The GM 30 Index, representing a selection of the top 30 cryptocurrencies, fell by 4% to 132.81 during the same period.
Hot Take: Analyzing the Recent Crypto Market Trends
Bitcoin long liquidations surged to nearly $40 million within one day, highlighting the volatility in the cryptocurrency market. With price fluctuations impacting investor sentiment, it’s crucial to stay updated on market trends and developments to make informed decisions.
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