A recent dip in Bitcoin’s value has resulted in over $147 million in liquidations within the last 24 hours. The retracement followed a high earlier this week when the cryptocurrency surpassed $35,000.
Data from Coinglass suggests that short positions bore the brunt of the impact, with nearly $80 million liquidated compared to just over $68 million in long positions.
The 30-day Bitcoin volatility index saw a slight increase, moving above 2% on Wednesday. Despite this, Bitcoin, the world’s largest digital asset by market capitalization, remained relatively stable.
According to CoinGecko, the global cryptocurrency market capitalization rose 2% to $1.31 trillion within the same 24-hour period.
Research Associate at CoinShares, Luke Nolan, remains optimistic about Bitcoin’s resilience. He believes a full price retrace is unlikely without a decay in the spot Bitcoin ETF narrative. Nolan also highlighted the probability of a spot ETF approval by early 2024, with European ETP inflows playing a significant role in supporting Bitcoin’s upward trajectory.
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