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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Bitcoin crypto traders

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

Scott Matherson by Scott Matherson
1 month ago
in Bitcoin, Crypto
Reading Time: 3 mins read

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.

Related Reading: This Shibarium Milestone Could Rocket Shiba Inu To August Highs

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.

Bitcoin crypto liquidations

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.

Related Reading: Solana Remains Institutional Investor Darling As Inflows Continue

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.

Bitcoin price chart from Tradingview.com (Crypto traders)

BTC price still holds steady above $34,000 | Source: BTCUSD on Tradingview.com
Featured image from YouHolder, chart from Tradingview.com
Tags: bitcoinBitcoin newsBTC newsbtc priceBTC price performancebtcusdBTCUSDT
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Scott Matherson

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.

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