BlackRock’s Spot Bitcoin ETF listing on the DTCC caused a surge in BTC price, reaching above $35,000. As a result, over $400 million was liquidated, with almost 95,000 traders affected. Short traders bore the brunt, losing $303 million, while long traders lost $96.88 million. Binance had the highest volumes of liquidation at $133.88 million. Bitcoin accounted for the majority of liquidations, followed by Ethereum and Solana. Despite a retracement, Bitcoin shows strength, with rising trading volumes and a potential restart of the price surge expected. If Bitcoin crosses $36,000, liquidation volumes could worsen.
Our analysis of the situation
Following the recent news of BlackRock’s Spot Bitcoin ETF being listed on the Depository Trust & Clearing Corporation (DTCC) with the ticker IBTC, the crypto market experienced a thrilling rollercoaster ride. Bitcoin surged above $35,000, fueled by high investor expectations, and caught tens of thousands of traders off-guard, resulting in over $400 million in liquidations in just one day.
Oh, the thrill and drama!
According to Coinglass, a platform that tracks crypto liquidation volumes, nearly 95,000 traders were liquidated as the Bitcoin price soared. Short traders felt the brunt of the waves, accounting for a staggering $303 million worth of liquidations, while long traders weren't entirely spared either, with $96.88 million in liquidation volumes.
In the midst of this volatile ride, a single massive liquidation order stole the limelight. A brave trader on the BTCUSDT pair on the Binance exchange sadly lost a jaw-dropping $9.98 million. Ouch! Speaking of Binance, the exchange dominated the liquidation scene, with a whopping $133.88 million in volumes.
Bitcoin, as the king of cryptocurrencies, unsurprisingly took the lion's share in liquidation volumes, totaling $222.93 million. Ethereum followed in second place with $59.93 million, while Solana, an emerging altcoin, took third place with $10.35 million. But hey, let's not overlook Trellor (TRB), a low-cap altcoin that managed to snag fourth place with $9.40 million in liquidations. Talk about making a grand entrance!
Despite its slight retracement from the high point of $35,000, Bitcoin remains a force to be reckoned with. Its daily trading volumes have skyrocketed above $46 billion, indicating a growing mass of investors flocking back to the cryptocurrency. Clearly, there's a willingness to buy Bitcoin at higher prices, further strengthening its value.
The recent listing of BlackRock's ETF on the DTCC has added fuel to the rally, and we can expect this momentum to continue in the coming hours. However, as with any rollercoaster, exhaustion is bound to kick in, providing Bitcoin with the opportunity to regain its footing before the next surge.
If Bitcoin manages to surpass the $36,000 mark, brace yourselves for even higher liquidation volumes. We might witness one of the wildest liquidation trends in the wild world of cryptocurrencies yet.
So, dear crypto enthusiasts, fasten your seatbelts and hold on tight. The Bitcoin rollercoaster ride has just begun, and there's no telling where it will take us next.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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