Bitcoin Break Above $35,000 Sends 95,000 Crypto Traders To The Slaughter

Scott Matherson

1 year ago

3 mins read

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Following reports of BlackRock’s Spot Bitcoin ETF being listed on the Depository Trust & Clearing Corporation (DTCC) with the ticker IBTC, the BTC price had rallied above $35,000 based on investor expectations alone. The quick nature of this surge saw tens of thousands of crypto traders caught in the crossfire as over $400 million was liquidated in one day.

More Than 95,000 Crypto Traders Lose Their Positions

According to data from Coinglass, the crypto liquidation volumes ramped up quickly following the Bitcoin price surge. The platform reports that almost 95,000 traders were liquidated, with short traders bearing the brunt of these liquidation trends.

Of the $400 million liquidated in the 24-hour period, short traders accounted for 75.83 which came out to $303 million. Long traders were, however, not left out of the onslaught as $96.88 million in liquidation volumes still came from long positions despite the direction of the crypto market rally.

BTC liquidations cross $222 million | Source: Coinglass

The single largest liquidation order took place on the BTCUSDT pair on the Binance crypto exchange. This trader lost an eye-popping $9.98 million when their position was liquidated. In the same vein, Binance has also seen the highest liquidation volumes of all crypto exchanges with $133.88 million.

Bitcoin accounts for the overwhelming majority of liquidation volumes at $222.93 million. Ethereum comes second with $59.93 million in liquidation volumes. Solana clinched the third place with $10.35 million. But interestingly, Trellor (TRB), a low-cap altcoin that just made it into the top 200, snagged 4th place with $9.40 million in liquidations. The altcoin has been one of the most impressive performers through the market action as well, rising from a range of $50 to $96 before retracing.

Bitcoin Shows Strength

Although Bitcoin has since retraced from its 2023 high of $35,000, the leading cryptocurrency continues to show dominance. Daily trading volumes have already risen above $46 billion, which means that investors are coming back into the cryptocurrency en masse.

This suggests a willingness to purchase Bitcoin at higher prices and this will continue to prop up its price. Since buyers currently outnumber sellers in this market, it is more likely that the Bitcoin retracement is only temporary and a restart of the price surge can send BTC above $36,000 next.

Also, BlackRock’s ETF listing on the DTCC remains very fresh and is still providing fuel for the rally. This will likely continue for another couple of hours before exhaustion kicks in and leaves ample time for Bitcoin to regain its footing for another surge.

If Bitcoin crosses $36,000, then liquidation volumes are expected to rise even more. This could lead to one of the worst liquidation trends in 2023.

BTC price still holds steady above $34,000 | Source: BTCUSD on Tradingview.com

Featured image from YouHolder, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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