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.
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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