Bitcoin’s recent downturn has left many bulls reeling. Data from @coinglass_com reveals that over $2.50 billion in leveraged long positions were liquidated as BTC fell below $63,000.
A bunch of #Bitcoin bulls got rekt in this downswing. According to data from @coinglass_com, over $2.50 billion in leveraged long positions got liquidated as $BTC dipped below $63,000!
Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be… pic.twitter.com/QHULbk8vWy
— Ali (@ali_charts) August 1, 2024
This sharp decline has emboldened the bears, but they may be in for a surprise. If BTC rebounds to $70,440, nearly $2.40 billion in leveraged short positions could be wiped out.
$BTC in the last 24 hours – Liquidation for the Entire Crypto Market? 😭 🧵
📌 After falling below $62,500, it is now trading at $64,800, with a dominance of 55.32%. The price has changed by +0.72% and trading volume has increased by +24%. More than 100,000 traders with ~$280M… pic.twitter.com/oW7lNzAoLR
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) August 2, 2024
Currently, Bitcoin is trading at $64,800, up 0.72% with a trading volume increase of 24%. Its market dominance stands at 55.32%. In total, more than 100,000 traders with approximately $280 million in positions have been liquidated during this downturn.
MicroStrategy, the major Bitcoin holder, reported a loss for Q2, largely due to the drop in Bitcoin’s value. Despite this, their year-to-date profit on Bitcoin is 12.2%. The company plans to raise an additional $2 billion to increase its Bitcoin holdings.
MicroStrategy announced that it holds a total of 226,500 bitcoins, with an average purchase price of $36,821, a purchase cost of $8.3 billion, and a current value of $14.4 billion. MicroStrategy will raise another $2 billion to buy more bitcoins. https://t.co/8ZKP7UJL4b..
— Wu Blockchain (@WuBlockchain) August 2, 2024
Block, the payment company led by Jack Dorsey, reported Bitcoin revenue surpassing $2.61 billion, reflecting a 9% year-over-year growth.
Multiple Whales Make Strategic Movements With Their Bitcoins
On-chain analysis shows that several whales have been active recently. A fresh whale, identified as “bc1qh,” withdrew 4,600 BTC, valued at $291 million, from Bitfinex at around $63,209 in the past eight hours. Additionally, three other whales, likely representing a single entity, have withdrawn a total of 3,910 BTC, worth $257 million, from Bitfinex since June 12, with the latest withdrawal occurring just three days ago.
Fresh whale “bc1qh” withdrew 4,600 $BTC ($291M) from #Bitfinex at ~$63,209 at the dip in the past 8 hours!
Recently, we also noticed 3 other whales (likely one entity) withdrawing 3,910 $BTC ($257M) from #Bitfinex since June 12, with the last accumulation only 3 days ago.
Is… https://t.co/N09fJsv6xq pic.twitter.com/j4Nm9jxHim
— Spot On Chain (@spotonchain) August 2, 2024
In ETF news, Bitcoin spot ETFs saw a net inflow of $50.64 million on August 1. The Grayscale ETF (#GBTC) faced a net outflow of $71.33 million, while the Grayscale mini ETF (#BTC) experienced a significant inflow of $191 million. The BlackRock ETF (#IBIT) also saw a net inflow of $25.90 million, highlighting shifting investment trends.
‼️ BREAKING: Total net inflow of #Bitcoin spot #ETFs on August 1 amounted to $50.64 million. #Grayscale #ETF #GBTC experienced a net outflow of $71.3271 million, while the Grayscale mini $ETF #BTC saw a net inflow of $191 million, and the #BlackRock ETF #IBIT had a net inflow of… pic.twitter.com/udCx6xQ524
— CoinEcho (@mycoinecho) August 2, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any Web3 tokens.
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