Although the Bitcoin worth tried a breakout above $60,000 ranges on Sunday, it confronted a powerful rejection with the fast surge within the Bitcoin quick positions. Currently, the BTC worth is buying and selling 1.7% down at $58,515 with a market cap of $1.115 trillion.
Bitcoin Short Positions on the Rise
As quickly because the Bitcoin price rallied to $60,000, Bitcoin shorts turned aggressive throughout a number of exchanges with the 24-hour quick volumes surging 118% to greater than $18.30 billion. HODL15Capital mentioned that there was a significant imbalance throughout completely different crypto exchanges together with Deribit, Bitmex, Bitfinex, Kraken, and HTX.
Furthermore, the Twitter deal with additionally recommended that closely leveraged positions of 50x and 100x on crypto alternate Binance may quickly face liquidation, hinting at a possible market shift.
My guess is all these 50x and 100x leveraged shorts on Binance shall be worn out quickly 👇 We see you lads 🤷♂️ pic.twitter.com/MKuvUvGZJC
— HODL15Capital 🇺🇸 (@HODL15Capital) August 19, 2024
The broader liquidation knowledge exhibits that greater than $77 million have been liquidated within the final 24 hours throughout the complete crypto market. Of these, $50 million is in lengthy liquidation whereas $26 million is briefly liquidation. Ethereum has contributed to essentially the most liquidations at $19.5 million.
ETF Flows Fail to Ignite Bullish Sentiment
The complete flows into the spot Bitcoin ETFs and the spot Ethereum ETFs have been subdued over the previous two weeks. Last week, the BTC ETFs had a web movement of simply $32.5 million with the Grayscale Bitcoin ETF GBTC seeing $195 million in complete outflows. On the opposite hand, Fidelity’s FBTC recorded essentially the most inflows at $82.3 million, and BlackRock’s IBIT recorded web inflows at $71.07 million.
Similarly, the spot Ethereum ETFs noticed web outflows at $1.416 million final week. BlackRock’s ETHA noticed web inflows of $76.35 million whereas Fidelity’s FETH noticed a web influx of $25.79 million. At the identical time, Grayscale’s ETHE noticed web outflows of $118 million. Some market analysts additionally predict that Ethereum ETF may snatch 50% of inflows coming to Bitcoin ETF.
All eyes shall be on the FOMC meeting forward this week in addition to the feedback coming from Fed Chair Jerome Powell. Also, the Jackson Hole annual assembly among the many US banks shall be on the radar. It will fascinating to see how the BTC worth reacts to the macro developments.
Bhushan Akolkar
Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.
Disclaimer: The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
