Bitcoin (BTC) Suddenly Reclaims $43,000. Key Reason Why
Bitcoin (BTC) has surged past the $43,000 mark, a significant increase from its intraday low of $41,735. The top cryptocurrency by market cap, currently valued at approximately $843 billion, experienced a boost in trading volume to the tune of over $13 billion.
Reduction of Grayscale outflows
Recent activity indicates that outflows from the digital asset management firm Grayscale are diminishing. Market intelligence from Arkham points out that Grayscale transferred 6,900 BTC, valued at $289.5 million, to Coinbase, marking a decrease of almost 34% from the previous transfer.
Alex DovbnyaCompared to last week's average daily transfer size of $530.2 million, this represents a decline of over 45%.
The crypto community views this tapering of outflows as a positive signal, with notable analysts like DonAlt spotlighting Bitcoin's capacity to absorb selling pressure, a robust indicator of market strength.
Recent liquidations
The cryptocurrency market has witnessed significant liquidations, with Coinglass data showing that in the last 24 hours, total liquidations amounted to $120.54 million.
Notably, the majority of these were short positions, totaling $63.41 million, as opposed to $57.13 million in long positions. This liquidation trend is also evident in shorter time frames, with $51.71 million liquidated in the last four hours alone, 76.78% of which were short.
Major exchanges like Binance and OKX have contributed to these figures, with short liquidations consistently higher than long across the board. This shows that bearish bets are being squeezed out as Bitcoin's price climbs.
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