- Bitcoin 24-hour short volumes surged 118% to over $18.30 billion.
- Of all the liquidations, Ethereum’s $19.5 million is the largest.
The rapid increase in Bitcoin short positions met with a resounding rejection of Sunday’s effort by the price of Bitcoin to break out over $60,000 levels.
Bitcoin shorts were active across many exchanges as soon as the price rose above $60,000. 24-hour short volumes surged 118% to over $18.30 billion. According to HODL15Capital, a number of cryptocurrency exchanges, including Deribit, Bitmex, Bitfinex, Kraken, and HTX, have a significant imbalance.
In addition, the Twitter account hinted to a possible market upheaval by suggesting that crypto exchange Binance may soon liquidate highly leveraged holdings of 50x and 100x.
According to the more comprehensive statistics on liquidations, the whole cryptocurrency market has seen a liquidation of about $77 million in the last 24 hours. Long liquidation involves $50 million, whereas short liquidation involves $26 million. Of all the liquidations, Ethereum’s $19.5 million is the largest.
All Eyes on Fed
For the last two weeks, investors have kept their money out of Bitcoin and Ethereum exchange-traded funds (ETFs). Only $32.5 million flowed into Bitcoin exchange-traded funds (ETFs) last week, with $195 million leaving the Grayscale Bitcoin ETF (GBTC).
In contrast, the largest inflows were $82.3 million to Fidelity’s FBTC and $71.07 million to BlackRock’s IBIT. Additionally, last week there were net withdrawals of $1.416 million from the spot Ethereum ETFs.
This week, the Federal Open Market Committee (FOMC) meeting and remarks from Fed Chair Jerome Powell will be the center of attention. The annual conference of US banks in Jackson Hole will also be monitored. It will be fascinating to see the reaction of the BTC price to the macro events.
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