Bitcoin’s pump to $35k results in $400M liquidation

October 24, 2023 02:22 AM PDT | By Invezz

Bitcoin’s pump to $35k results in $400M liquidation — Image source: Invezz

$400 million liquidated as BTC skyrocket

BTC’s spike to a yearly high comes on the back of fresh news regarding the imminent launch of a spot Bitcoin ETF. Sentiment around this topic had driven expectations and prices higher in recent weeks. However, bulls had found it tough to break past $31k and the YTD hurdle above $32.8k.

As the latest speculation on spot Bitcoin ETF proved a big catalyst for bulls, nearly $400 million in longs and shorts have been liquidated in the past 24 hours. According to data from Coinglass, this includes over $223 million for Bitcoin, over $57 million for Ethereum and $10 million in Solana positions.

Data indicates that the past 24 hours have seen over 94,500 traders liquidated. Coinglass data shows the largest single liquidation order occurred on crypto exchange Binance, with a trader holding a BTC/USDT position valued at $9.98 million rekt.

Why did the BTC price spike today?

Bitcoin’s pump to a 17-month high was primarily driven by fresh speculation around a spot Bitcoin ETF. It follows reports that BlackRock has begun to buy BTC ahead of a potential approval of its ETF application by the SEC.

On Monday, it also appeared that the $9 trillion asset manager’s iShares Bitcoin had been added to the Depository Trust and Clearing Corporation (DTCC) website under the ticker $IBTC. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the listing of $IBTC on the DTCC is indicative of the process in place to bring the ETF to the market.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023

Other ETF related news driving sentiment is the Grayscale application to convert its GBTC to a spot BTC exchange-traded fund.

The post Bitcoin’s pump to $35k results in $400M liquidation appeared first on Invezz

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