Oh, what a jolly rollercoaster ride Bitcoin has been on! Just last week, it soared to a dizzying height of over $111,000, making everyone feel like they were on top of the world! 🌍 But alas, like a balloon losing air, it has now plummeted about 4% in just seven days, landing at a rather disappointing $105,485. Ouch! 😱
Now, this little dip represents a daily decline of 1.8%. Traders are feeling a bit cautious, perhaps clutching their wallets tightly, as they ponder whether to take profits or hold on for dear life! A wise analyst from CryptoQuant has been peering through their crystal ball, trying to make sense of the market’s antics, especially with the shiny new Bitcoin Exchange-Traded Fund (ETF) in the mix.
Our friend Joao Wedson, a contributor to CryptoQuant’s QuickTake platform, has been busy unraveling the curious case of Bitcoin liquidations compared to its cheeky cousins, the altcoins. 🧐
Liquidation Disparity Between Bitcoin and Altcoins
Since the grand unveiling of the Bitcoin ETF, the market has been behaving like a cat on a hot tin roof! According to Wedson, Bitcoin liquidations on Binance have mostly involved those poor souls who bet against it. They were swept away like leaves in a storm as Bitcoin’s price shot up! 🌪️
In fact, the Cumulative Liquidation Delta (CLD) revealed that short liquidations outpaced long ones by a whopping $190 million! It seems those bearish traders were forced to exit stage left as Bitcoin danced its way to glory. 💃
Meanwhile, altcoins have been having a rather different experience. During the same time, they faced nearly $1 billion more in long liquidations than shorts. Talk about a rough patch! 😩
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2025-05-31 08:48