The Crypto Market Sees Over $250 Million in Liquidations
The total amount of liquidations on the crypto market over the past 24 hours exceeded $250 million, according to Coinglass. Most forced closed positions were in Bitcoin (BTC) and Ethereum (ETH).
Bitcoin and Ethereum Experience Significant Losses
The price of Bitcoin dropped below $41,000, resulting in losses of $81.1 million for traders. Ethereum also suffered significant losses as its price dropped to $2,400, costing traders $32 million.
Major Liquidations Happen on OKX, Bybit, Huobi, and Binance
Over 90% of liquidations were distributed between OKX, Bybit, Huobi, and Binance. The most significant order was executed by Binance, which closed a long BTCUSDT for $7.31 million.
The Current State of Bitcoin and Market Sentiment
At the time of writing, the rate of Bitcoin was $41,200. Traders have opened more long positions than short ones in the last few hours, indicating their confidence in the further growth of BTC.
Grayscale’s Role in the Market Downturn
Crypto enthusiasts and market experts attribute the fall to asset managers Grayscale’s active sale of BTC. Grayscale’s Bitcoin Trust (GBTC) experienced significant outflows totaling $594 million. In parallel, Grayscale moved 9,840 BTC to Coinbase Prime worth $418 million.
Hot Take: Grayscale’s Impact on the Crypto Market
Grayscale’s recent actions have had a notable impact on the cryptocurrency market. With significant outflows from their Bitcoin Trust and large transfers to Coinbase Prime, it is clear that their actions are influencing market sentiment and prices. Traders must keep a close eye on Grayscale’s movements as they navigate the volatile crypto landscape.
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