During the early Asian trading hours on Friday, the price of Bitcoin, the leading cryptocurrency in terms of market capitalization and global recognition, underwent a substantial correction from its previously reached all-time highs. The price movement was indicative of a notable market correction, as Bitcoin’s value dipped below the significant psychological threshold of $68,000. Specifically, its current trading price reflects a decline of nearly 7.5% within the past 24-hour period.

This sudden and significant price correction in the Bitcoin market sparked a cascade of liquidations across the cryptocurrency ecosystem. Traders and investors found themselves compelled to liquidate their positions as the market sentiment shifted and the price of Bitcoin experienced a downward trajectory. As a result, the entire network witnessed an impressive sum of over $657 million worth of positions being liquidated within the span of just 24 hours, thereby intensifying market volatility.

According to the latest data provided by Coinglass, an esteemed cryptocurrency data analytics platform, the liquidations within the past day amounted to over $522 million in long positions and approximately $137 million in short positions. Among these liquidated positions, Bitcoin longs accounted for a noteworthy $216 million, reflecting the substantial impact of the correction on bullish positions. It is noteworthy that the majority of these liquidations took place on two prominent cryptocurrency exchanges, namely Binance and OKX, where the liquidated positions totaled an astonishing $248 million and $236 million, respectively.

In addition to the price correction observed in the Bitcoin market, the second-largest cryptocurrency by market capitalization, Ethereum, also experienced a significant decline in value. Ethereum, which has garnered considerable attention and market recognition due to its innovative blockchain technology and smart contract capabilities, witnessed its price plunging below the crucial threshold of $4,000 during the same trading period. Presently, Ethereum is trading at approximately $3,700, reflecting a substantial drop of approximately 7.3% within the past 24 hours.

Overall, the recent market developments in the cryptocurrency sphere, particularly in relation to Bitcoin and Ethereum, have showcased the inherent volatility and unpredictability of digital asset markets. While these corrections and liquidations may be seen as temporary market dynamics, they serve as a reminder of the risks and potential losses associated with engaging in cryptocurrency trading and investment.

Bitcoin Liquidations

Net inflows of $132 million were recorded in Bitcoin spot ETFs.

According to data provided by SoSoValue, on March 14, the total net inflow of Bitcoin spot ETFs amounted to $132 million. However, it is worth noting that the Grayscale ETF GBTC experienced a significant single-day net outflow of $257 million, indicating a substantial reduction in investor holdings.

Interestingly, on the same day, the BlackRock ETF IBIT emerged as the Bitcoin spot ETF with the largest single-day net inflow. IBIT recorded an impressive net inflow of $345 million, indicating a significant increase in investor interest and capital allocation towards this particular ETF.

When considering the overall historical net inflow figures, IBIT has amassed a remarkable total net inflow of $12.37 billion, solidifying its position as one of the most popular and successful Bitcoin spot ETFs in the market. Following closely behind is the VanEck ETF HODL, which recorded a single-day net inflow of approximately $137 million. The cumulative historical net inflow for HODL currently stands at $364 million.

As of the latest available data, the total net asset value of Bitcoin spot ETFs is calculated to be $57.86 billion. This figure represents the collective value of assets held by these ETFs, providing an indication of the overall market size and investor interest in Bitcoin-related investment products. The ETF net asset ratio, which measures the market value of these ETFs as a proportion of the total market value of Bitcoin, has reached 4.16%, further highlighting the significance of these investment vehicles.

Taking a broader perspective, the historical cumulative net inflow of Bitcoin spot ETFs has reached an impressive $11.96 billion, showcasing the substantial capital inflows that have been directed towards these investment instruments over time.

It is noteworthy that on March 12, spot Bitcoin ETFs experienced an extraordinary surge in net inflows, with a record-breaking figure of $1.05 billion. This represents the highest single-day net inflow since the launch of Bitcoin spot ETFs, underscoring the growing investor appetite for exposure to Bitcoin through these investment vehicles.

By ailf

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