The cryptocurrency market experienced a significant downturn, with Bitcoin and Ethereum plummeting to lows of $58,034 and $2,392, respectively.
This resulted in a staggering $313 million in liquidations across the network, with long orders accounting for $282 million and short orders totaling $31.36 million.
Bitcoin briefly fell to a low of $58,034, a 24-hour drop of 6.5%. Ethereum hit a low of $2,392, a 24-hour drop of 9.4%. In the past 24 hours, the entire network has liquidated $313 million, of which long orders have liquidated $282 million and short orders have liquidated $31.36…
— Wu Blockchain (@WuBlockchain) August 28, 2024
Short-term holders created a resistance level at their break-even price, following a sharp price drop earlier this month. This placed their average holding at a 17% loss, allowing them to sell around break-even and creating resistance.
Short-Term Holders created a resistance level at their break-even price.
Earlier this month, Bitcoin price saw a sharp price drop as well.
This placed the average holding of short-term holders at a 17% loss.
Price moved back to the average cost basis, allowing them to sell… pic.twitter.com/TJOGcMTQnS
— CryptoQuant.com (@cryptoquant_com) August 28, 2024
Despite this, whale and shark holders remain unfazed, with wallets holding 10-10K BTC accumulating 133.3K more coins over the past month.
🐳 Bitcoin currently sits at $58.9K, which is apparently just fine for whale and shark holders. Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them. pic.twitter.com/CmOU1tdVwN
— Santiment (@santimentfeed) August 28, 2024
Top Binance Traders Buys Up Bitcoin’s Dip
Interestingly, top traders on Binance are capitalizing on the dip, with nearly 65.22% going long on Bitcoin.
#Bitcoin miners have realized over $3.40 million in profits over the past week! pic.twitter.com/WHN2cXbhS9
— Ali (@ali_charts) August 28, 2024
Additionally, Bitcoin miners have realized profits of over $3.40 million in the past week. However, the Bitcoin market cycle indicator has shifted back to bearish, signaling a potential downturn.
Top traders in @binance are buying the #Bitcoin dip! In fact, nearly 65.22% of them are going long on $BTC. pic.twitter.com/zExosHyRP9
— Ali (@ali_charts) August 27, 2024
Since early August, the #Bitcoin market cycle indicator has been flipping between bearish and bullish. It’s just shifted back to bearish once again! pic.twitter.com/EfBoaQBDM6
— Ali (@ali_charts) August 28, 2024
In other news, the Bitcoin spot ETF experienced its first net outflow in nine days, with a total of $127 million leaving the fund. Grayscale ETF GBTC also saw an outflow of $18.3154 million, bringing the total net asset value to $57.068 billion. As the market continues to fluctuate, investors remain cautious, weighing their options amidst the uncertainty.
On August 27, the Bitcoin spot ETF had a total net outflow of $127 million, the first net outflow after 8 consecutive days of net inflow. Grayscale ETF GBTC had an outflow of $18.3154 million. Currently, the total net asset value of Bitcoin spot ETF is $57.068 billion.…
— Wu Blockchain (@WuBlockchain) August 28, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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