Bitcoin Surges To $21,000 Leads To $215 Million Liquidated During The Day

Key Points:

• When Bitcoin reached $21,000, investors purchased $4 billion in Bitcoin futures in the market for 3 hours, which caused an $87 million short position in the currency to be closed out at the same time.
• While this was happening, the number of little whale addresses quickly grew prior to the most recent Bitcoin breakout. According to the information in the chart attached, 416 new addresses holding 100 to 1000 BTC have surfaced in the previous eight weeks.

Bitcoin has surged above the $20,000 price point for the first time since early November. The bulls are feeling excited about this. However, it means that the bears are seriously losing ground.

Ki Young Ju, co-founder and CEO of CryptoQuant, an on-chain analysis company, said on Twitter that earlier today, investors bought Bitcoin futures worth about $4 billion in market orders in the market for 3 hours. All liquid exchanges. $87 million in short positions during the same time period.

According to the chart he supplied, Bitcoin futures orders increased across all exchanges at 10:42 a.m. on January 14 Korean time, and the price increased to. $21,000 at the same moment.

Notably, the price of Bitcoin increased by almost $1,000 in just a few hours, increasing fast from a little over $19,800 to $21,000, an increase of over 6%. The asset’s price has decreased to around $20,800 as of the time of publication, but it has increased by 8.8% during the previous 24 hours.

According to Coinglass data, short BTC liquidations totaled $215 million during the course of the previous day.

In the middle of all of this, Santiment pointed out in a tweet that little whale addresses had surged quickly in the lead-up to the most recent Bitcoin breakout. According to the information in the chart attached, 416 new addresses holding 100 to 1000 BTC have surfaced in the previous eight weeks.

This can be seen as an early victory for the bulls after months of severe decline in the crypto market, especially after the FTX crisis brought cautious sentiment to investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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