Bitcoin (BTC) breaks 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 have been liquidated in the past 24 hours, the vast majority of which have come from shorts.
According to Coinglass, $173 million in short positions have been liquidated, while long investors have suffered more than $34 million in losses.
Binance, the world’s largest crypto exchange, saw the highest number of liquidations with $41.1 million, followed by OKX with just over $11 million. Records show that the largest liquidation was through crypto exchange BitMEX for $9.3 million.
Recently, prominent economist Alex Krüger said BlackRock’s latest offer to the US Securities and Exchange Commission (SEC) to create a BTC exchange-traded fund (ETF) would be one of Bitcoin’s “easiest long submissions of the year.”
Kruger said he has a “gut feeling” that the ETF will be approved next year by the regulatory body, which has so far rejected any previous offer for a spot-based ETF.
Recent data from the crypto analytics platform Santiment showed that the level of accumulation by whales has reached a seven-month high of between 1,000 and 10,000 BTC.
The king crypto is trading at $29,864 at the time of writing, up 10.9% in the last 24 hours
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Image generated: Midway through the journey