As a result, there are for it Liquidated $1 billion in options and futures contracts. That could be good for the market, because it will eliminate some of the leverage craze.
All-time high for the bitcoin price
With the new high of $69,200, the bitcoin price just managed to break through the all-time high of November 2021 of 69,044.
Santiment claims that the vast majority of speculation stemmed from traders expecting Bitcoin to break the $70,000 level next.
A smaller part of the liquidation wave came from short positions, which were liquidated after bitcoin hit a new all-time high.
“We can see the drop in open interest as a signal that speculative excesses have been temporarily removed from the market,” Santiment said. Normally that is a good signal when the market is in an uptrend.
$1.13 billion in liquidations
According to Coinglass data, 312,500 traders were liquidated for a total of $1.13 billion over the past 24 hours as a result of the drop.
That produces the following picture for the markets. It is striking that the bitcoin price is already recovering. While the price fell to $59,000, there is now a bitcoin price of $65,770 on the boards.
Can we open another attack on the all-time high today or should we be patient? The answer to that question seems to largely depend on the success that the ETFs can achieve again on the American market today.
According to initial estimates, BlackRock bought more than 10,000 bitcoin again yesterday, bringing the total to 183,345.
That brings them very close to the 193,000 pieces that MicroStrategy has managed to collect since August 2020.
Source: https://bitcoinmagazine.nl/nieuws/enorme-bitcoin-crash-veroorzaakt-1-miljard-aan-liquidaties
