Bitcoin Reaches New ATH But Sled By 10% Causing Over $300 Million In BTC Liquidations

Today, Bitcoin (BTC) has finally reached a new all-time high since November 2021 after hitting a new ATH of $69,200. However, after reaching its new ATH, BTC went down by 10% causing billions in BTC liquidations. 

Data from CoinGlass shows that there were over $1.05 billion worth of BTC liquidated within the last 24 hours. This happens shortly after reaching a new ATH resulting in a 10% drop in its price which may have been caused by the $308 million worth of BTC being liquidated across the cryptocurrency market. 

Ethereum, on the other hand, was also affected with over $185.44 million worth of ETH being liquidated after hitting the $3,800 level. While Bitmex exchange witnessed the largest single liquidation order amounting to $9 million.

Still, one of the huge contributors to Bitcoin’s price increase is the spot Bitcoin ETFs. The excitement intensified more as the BTC ETFs reached a daily trading activity of nearly $10 billion. Bitcoin expert Alessandro Ottaviani reveals the total trading volume of $9.58 billion for these funds, breaking its previous record of $7.7 billion. 

BlackRock iShares Bitcoin ETF led the gains with $3.7 billion in trading volume, followed by Grayscale Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, which also contributed to the massive trading volumes. 

Despite the sudden drop, Bitcoin’s value bounced back strongly and is now trading at $66,940.57.

Meanwhile, traders who invested early on meme coins such as WIF, PEPE, and FLOKI are also liquidating their assets, taking advantage of the current surge. This indicates that traders think that the market has hit its peak.