About 70,000 crypto trading positions liquidated as bitcoin price momentarily jumps above $37,500

Close to 70,000 crypto trading positions were liquidated within the last 24 hours as bitcoin price shot above $37,500, a rise representing at least 12 per cent appreciation within a day. According to recent data from bybt.com, the massive spate of liquidation that followed bitcoin’s price jump cleared more than $400 million worth of short crypto positions. Of these figures, nearly $320 million in short positions liquidated were in BTC while ETH position represents $70 million.

Huobi recorded the largest bitcoin liquidation order at $5 million. Other large crypto liquidations included DOGE and XRP.

Santiment, a crypto analytics and blockchain tracking platform in a recent tweet, said

“Bitcoin whales aren’t slowing down their accumulation of $BTC, and the uptrend of tokens held by these addresses holding 1,000+ $BTC continues. This is a strong bode of confidence for bulls, seeing top key stakeholders are increasing their bags.”

Santiment, in an accompanying post following its tweet, reported that Bitcoin whale addresses accumulated more than 80,000 BTC in the past month.

“Bitcoin has jumped back over $37,000 today, while Ethereum and altcoins are staying flat. As a result, crowd interest in BTC has spiked back up to 3-week highs”

After massive market selloffs over the weekend, BTC price fell by above 10 per cent, hitting $31,000. Another crypto analytic and on-chain blockchain intelligence platform shared that the dip buyers are already posting a profit as Adjusted SOPR (aSOPR) have pushed above the 1 mark.

Adjusted SOPR (aSOPR) filters out all UTXOs with a lifespan of less than an hour, eliminating obvious relay transactions. This, in turn, provides a more accurate signal of actual sale/purchase transactions and better captures economically meaningful activity.

The last BTC touched the $31K region in the weekend bloodbath of May 24th, seeing the crypto market shed off more than $250 billion within a single day. The highest the market has recorded so far was $2.56 trillion back on May 11. The series of liquidations that led to the epic crypto bloodbath in May triggered over $2 billion in crypto long positions. A 5-day straight bitcoin price fall in May put it as the worst month for Bitcoin in the last three years.

Meanwhile, popular crypto trade analyst, Crypto Tony is calling a possible BTC retracement as he posted in the early hours of Thursday on Twitter saying:

“Good morning legends. So will today be the day we get that wave 2 drop or the C wave drop on #Bitcoin. Either way, I will be looking to buy this retracement, but just depends where we stop off too.”

BTC looks to be attracting goodwill from nation-states after El Salvador passed a historic bill making bitcoin a legal tender. India is making a move to classify Bitcoin as an asset, thereby softening its stance on the crypto ban it announced earlier.

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