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After a week-long rally that pushed the value of Bitcoin (BTC) above $23,000, the crypto market saw a significant sell-off in the last 12 hours liquidating $183.99 million, according to Coinglass data.
Total liquidations over the last 24 hours stood at $223.43 million at press time. Of these liquidations, 90.29% occurred with traders taking long positions in the market, according to Coinglass data.
During this period, 63,210 traders were liquidated — the most significant liquidation being a long $4.64 million BTC position.
Bitcoin fell below $23k as investors took profits
Short-term BTC investors appear to be taking profits after the cohort saw a dramatic increase in the number of their coins held in profit.
Glass nodes said that the group’s profit supply stands at 92% — last seen in May 2021 and when BTC traded at all-time highs in November 2021.
“Given this substantial jump in profitability, the likelihood of selling pressure emanating from short-term shareholders is likely to increase.”
Glassnode further pointed out that surging profitability has pushed cohort spending volumes on top of a long-term downward trend.
The top 10 assets lose 5% on average.
Except for stablecoins, the other digital assets on the top 10 crypto assets list posted an average loss of 5% in the last 24 hours, according to CryptoSlate data.
During the reporting period, Ethereum (ETH) fell 5.20% to $1,552, while BNB fell 5.14% to $302. Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) fell by 6.88%, 6.53 and 5.40%, respectively.
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