What Caused Over $200M Worth of Liquidations in Last 24 Hours

10 months ago 4

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Late Sunday, the price of Bitcoin (BTC) corrected by over 2.5%, causing liquidations of over $200 million in the last 24 hours.

This week, the final announcement on the much-anticipated spot Bitcoin Exchange-Traded Fund (ETF) is expected. Meanwhile, the price of Bitcoin is trying to figure out a direction, consolidating in a tight range.

Crypto Traders Suffer $200 Million in Liquidations

The screenshot below shows that in the last 24 hours, 212.39 million worth of trades have been liquidated. Specifically, longs worth $172 million and short positions worth over $40 million faced the wrath of liquidations.

The liquidations happened as Bitcoin fell by over 2.5% on Sunday.

F2Pool Deposited 2,000 BTC to Binance

As the price of BTC declined, the on-chain analytical platform Lookonchain shared on X (Twitter) that a mining pool – F2Pool has been depositing Bitcoin to Binance. Lookonchain wrote:

“Why did the price of $BTC drop $1K (-2.3%) in the last 7 hours?

We noticed that #F2Pool deposited 1,000 $BTC($43.96M) to #Binance during this period.

And #F2Pool also deposited 1,000 $BTC($43.76M) to #Binance 2 days ago.”

Not just F2Pool but many miners have been distributing their Bitcoin as the price of the apex cryptocurrency started rallying. The screenshot below shows that the miner distribution has been the highest in the last two months since December 2022.

In December 2022, the mining firms were struggling due to a broader market collapse. Some even had to file for bankruptcy.

Despite the market correction on Sunday, Bitcoin swiftly recovered after testing the support at $43,222. The screenshot below shows that the price of Bitcoin has been tightly consolidating between $44,300 and $43,200 since Thursday.

According to on-chain data, Bitcoin has a strong support between $42,560 and $43,245. Ali Martinez, the Global Head of News at BeInCrypto, shared on X (Twitter):

“Around 1.11 million $BTC were bought between $42,560 and $43,245 and have not been sold yet, making this one of the strongest support walls!

If #Bitcoin can hold above this level, there is not much significant resistance ahead that will prevent it from advancing further. But if $42,560-$43,245 fails to hold, expect a downswing to the next critical area of interest between $26,770 and $30,220.”

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.