Bitcoin (BTC) is making its break past the $30,000 price level as traders pile up hundreds of millions of dollars in losses.
New data from crypto tracking platform Coinglass reveals that just over $207 million in positions has been liquidated during the last 24 hours, the overwhelming majority coming from shorts.
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According to Coinglass, $173 million worth of short positions has been liquidated while long investors have seen over $34 million in losses.
Binance, the world’s largest crypto exchange, saw the highest amount of liquidations at $41.1 million followed by OKX which saw just over $11 million. Data shows that the single largest liquidation occurred over crypto exchange BitMEX for $9.3 million.
Recently, prominent economist Alex Krüger said that BlackRock’s latest bid to the U.S. Securities and Exchange Commission (SEC) to create a BTC exchange-traded fund (ETF) would be one of Bitcoin’s “easiest long entries of the year.”
Kruger said he has a “gut feeling” that the ETF will be approved by the regulatory agency, which thus far has rejected every previous bid for a spot-based ETF, as soon as next year.
Recent data from crypto analytics platform Santiment found that the level of accumulation by whales holding between 1,000 to 10,000 BTC has hit a seven-month high.
The king crypto is trading for $29,864 at time of writing, a 10.9% increase during the last 24 hours
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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