Bitcoin was still hovering around $50,000 on Monday, but unexpectedly surged in the past few days, even reaching $64,000 last night, approaching the historical high of $69,000. ETH rose by 4.2% in the past 24 hours and also attempted to challenge $3,500 yesterday, but during this process, the market experienced intense fluctuations, with $730 million in the cryptocurrency market being liquidated in the past 24 hours, causing losses for both long and short positions.
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Bitcoin ETF trading sets new record
Market volatility leads to liquidation for both long and short positions
Top 10 cryptocurrencies performance
According to a report by CoinShares, the spot Bitcoin ETF requires 2,800 Bitcoins daily, while only 900 are produced during the same period. This has resulted in a 28% decrease in the exchange-held Bitcoin since 2020, indicating a significant demand impact on the market.
Eric Balchunas, an ETF analyst at Bloomberg, also stated that the spot Bitcoin ETF set a new record on Wednesday, with a daily trading volume of over $6 billion. BlackRock led with $3.3 billion, followed by Fidelity with $1.4 billion. The total number of transactions also doubled, with over 500,000 recorded trades. BlackRock’s IBIT alone surpassed the popular tech ETF QQQ.
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According to data from Coinglass, $730 million in the cryptocurrency market was liquidated in the past 24 hours, with long positions accounting for $338 million and short positions accounting for $392 million. Bitcoin accounted for $285 million, while Ethereum accounted for $114 million. Nearly 180,000 people were liquidated.
The market greed index has reached 82.
Except for XRP and TRX, the top 10 cryptocurrencies have shown decent gains in the past 24 hours. ETH rose by 4.2%, but failed to challenge $3,500 yesterday. BNB rose by 5.3%, and SOL also made significant gains with an 8.3% increase. Additionally, the original meme coin Dogecoin led a wave of meme coin gains, surpassing AVAX to become the seventh largest market cap, with an astonishing 38.4% weekly gain.
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Further reading:
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Bitcoin breaks $59k, Ethereum reaches $3.3k, IBIT trading volume hits record high.