Bitcoin Hits 64K, Ethereum Challenges 3500, Longs and Shorts Struggle to Evade Liquidation
Bitcoin hovered around $50,000 on Monday, but unexpectedly surged in the past few days, reaching 64K last night and seemingly approaching the historical high of 69K. ETH rose 4.2% in the past 24 hours and also attempted to challenge 3,500 yesterday, but the market experienced intense fluctuations, resulting in $730 million worth of liquidations in the past 24 hours, causing difficulties for both long and short positions.
Bitcoin ETF trading reaches new highs
The market volatility led to liquidations for both long and short positions
Top 10 cryptocurrencies performance
According to CoinShares’ report, the spot Bitcoin ETF requires 2,800 BTC daily, while only producing 900 BTC during the same period. This has led to a 28% decrease in exchange holdings since 2020, indicating a significant demand impact on the market. Bloomberg ETF analyst Eric Balchunas also stated that the spot Bitcoin ETF set a new record on Wednesday, with a daily trading volume exceeding $6 billion. BlackRock led with $3.3 billion, followed by Fidelity with $1.4 billion, and the total number of transactions doubled, with over 500,000 records. BlackRock’s IBIT alone surpassed the popular tech ETF QQQ.
According to Coinglass data, $730 million worth of liquidations occurred in the cryptocurrency market in the past 24 hours, with long positions accounting for $338 million and short positions accounting for $392 million. BTC accounted for $285 million, while ETH accounted for $114 million. Nearly 180,000 people were liquidated. The market’s greed index has reached 82.
Excluding XRP and TRX, the top 10 cryptocurrencies have seen good gains in the past 24 hours. ETH rose 4.2% in the past 24 hours, but failed to challenge 3,500 yesterday. BNB rose 5.3%, and SOL also surged by 8.3%. Additionally, the meme coin, Dogecoin, led a wave of meme coin gains, surpassing AVAX to become the 7th largest by market capitalization, with a staggering 38.4% weekly gain.
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Bitcoin
Bitcoin ETF
Further reading:
Bitcoin profits in El Salvador exceed 40%, President Nayib Bukele asks critics where they went.
Bitcoin breaks 59k, Ethereum reaches 3.3k, IBIT trading volume reaches a record high.
