Bitcoin long liquidations hit almost $40 million as price plunges below $65,000
Quick Take
- Bitcoin long liquidations spiked to almost $40 million in the past 24 hours as the price dropped to a low not seen since the lead-up to last weekend’s halving event.
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long liquidations hit almost $40 million in the past 24 hours as the price dropped to a weekly low of just above the $64,000 mark.
According to Coinglass data, there were over $39 million in bitcoin long liquidations in the past 24 hours out of a total of $45 million in liquidated BTC positions. In the wider cryptocurrency market, there were over $212 million in liquidations over the past 24 hours. Of these liquidations, the vast majority — around $178 million — were long positions.
Bitcoin is holding precariously above the $64,000 mark, falling by over 3.6% in the past 24 hours, and was trading at $64,033 at 5:35 a.m. ET, according to The Block’s Price Page. Data from The Block shows ether posting a drop of 3.5% to $3,137 in the same period.
The price of bitcoin held just slightly above the $64,000 mark, falling by over 3.6% in the past 24 hours. Image: The Block.
Deceleration in ETF inflows
Grayscale's converted GBTC fund saw $130.42 million in outflows on Wednesday, and inflows from other spot bitcoin exchange-traded funds either slowed or paused. Eight other funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows on the same day.
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BlackRock's ETF saw its first day without inflows after a 71-day streak of inflows into its fund. Only Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw inflows on Wednesday, with $5.6 million and $4.2 million, respectively, according to SoSoValue data.
Bitcoin dominance edged down slightly over the past day to 50.8%, with ether dominance seeing a slight uptick to 15.4%, according to Coingecko data. The global cryptocurrency market cap decreased by around 3.6% in the past 24 hours and now stands at $2.49 trillion, according to The Block's Prices Page.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, fell 4% to 132.81 in the same period.
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