Hundreds of millions of dollars worth of liquidations are hitting the crypto markets as Bitcoin (BTC) touches the $64,000 level for the first time since late 2021.
New data from market intelligence platform Coinglass reveals that during the last 24 hours, traders saw over $638 million worth of liquidations – the majority of them being short positions.
The flagship digital asset itself saw a staggering $185.62 worth of derivatives contracts evaporate at time of writing while others such as leading smart contract platform Ethereum (ETH) and dog-themed meme asset Dogecoin (DOGE) saw $77.53 million and $31.62 million, respectively.
Other notable crypto assets that saw significant liquidations during the last day include ETH rival Solana (SOL), which saw $10.17 million and memecoin Pepe (PEPE), which saw $11.91 million worth of contracts disappear.
According to the data, most of the liquidations happened across four different centralized crypto exchange platforms, including Binance, OKX, Huobi, and Bybit.
In a new thread, Hunter Horsely, the CEO of Bitwise Invest, tells his 31,300 followers on the social media platform X that, amid its rally, BTC looks primed to chip away at gold’s total addressable market (TAM), which is the maximum possible revenue that can come from a financial product.
“Bitcoin is going to eat into gold’s TAM faster than people expect. $250k Bitcoin could happen much sooner than most who’ve followed the space for years would imagine.
Why? For 15 years, Bitcoin proved its merits but was only accessible to some. Bitcoin ETFs were Bitcoin’s IPO (initial public offering) moment. It’s now available to any investor with the click of a button.
The market has 10xed.”
Earlier today, widely followed crypto analyst DonAlt said that BTC’s big move marks Bitcoin’s “final resistance” before reaching new all-time highs, adding that he’d remain bullish on the crypto king until it suffers a sharp reversal.
Bitcoin is trading for $63,235 at time of writing, an 8.2% gain during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Sergey Nivens/Fotomay