According to data from ByBt, bitcoin saw major liquidations as a result of the recent 24-hour price dip.
Last week on October 20 Bitcoin reached a new all-time high (ATH) after it surged to over $67,000. A few days prior to the all-time high breaking point, the first crypto-linked ETF launched in the U.S. market. Not only did the ETF launch help push up the BTC price, it also saw record crypto inflows of $1.47 billion.
Almost simultaneously, Ethereum reached its new ATH at $4,380.
However, the price of bitcoin did not hover around its ATH for very long. Bitcoin rejected the $63,650 resistance area. Instead, it shows support around $56,500 and $52,300-$53,300. At the time of writing BTC is just under $59,000.
Nonetheless, the drop in price caused some big liquidations according to ByBt. Over the last 24 hours, 179,829 traders were liquidated. Additionally, the largest single liquidation order occurred on Bitfinex, with an ETH value of $68.64 million. Total liquidations in the last day reached over $900 million in value.
Despite the ebbs and flows in bitcoin prices and inflows and outflows, overall interest in the space remains on the rise.
Although not directly in the crypto and decentralized space, the ProShares bitcoin-linked ETF (BITO) is approaching its futures contracts limit. The front month limit is 2,000 contracts, and it already owns 1,900.
Moreover, the bitcoin open interest (IO) on CME surged by over $4 billion since the launch of the ETF. These ETFs in the traditional financial market can be seen as gateways for weary investors to get a foot into the crypto market without the risk of direct investment.
As outside and institutional interest continues its infiltration of the crypto space, spectator’s eyes will be on bitcoin’s price point.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.