GBTC - Bitcoin Ethereum Dogecoin Plunge As $650M Worth Of Crypto Liquidated In A Single Day: Analyst Predicts King Crypto Poised For Explosive Rally 'As FOMO Greater Than Fear' | Benzinga
Major cryptocurrencies declined on Tuesday evening as a broader market correction liquidated over $650 million worth crypto in the last 24 hours.
What Happened: The price of Bitcoin plummeted below $63,000, triggering a widespread sell-off across the global crypto market.
In just 24 hours, the market capitalization dropped by 8% to reach $2.4 trillion, as reported by CoinMarketCap.
BitMEX Research data revealed an outflow of over $640 million from Grayscale’s spot Bitcoin ETF (NYSE:GBTC) on March 18, marking the largest day of outflows since its trading debut on Jan. 11. In contrast, Fidelity’s Bitcoin ETF (BATS:FBTC) experienced inflows of approximately $5.9 billion. Consequently, there was a net outflow from spot Bitcoin ETFs, totaling $154 million.
In the last 24 hours, over 197,035 traders faced liquidation, resulting in total liquidations amounting to $654.48 million. The most noteworthy liquidation occurred on OKX – BTC-USDT-SWAP, with a value of $12.25 million, data from CoinGlass shows.
BTC longs valued at $142 million and ETH longs worth $126 million were liquidated too.
According to CryptoQuant, an on-chain data provider, users who have held BTC for less than five months have been realizing profits over the last week, contributing to the selling pressure.A chart posted by the on-chain analytics firm on X shows the short-term holder SOPR ratio for BTC, indicating a significant movement related to profit realization by short-term holders who have held BTC for less than 5 months.