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$200 million in Bitcoin leaves exchanges amid ETF hearsay
ETF approval hearsay contributed to a wild trading day in Bitcoin markets that saw more than $100 million in liquidations.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
Over the course of Oct. 16, a total of 7,000 Bitcoin, worth roughly $200 million, vacated exchanges. While some movement may be in response to a recent wave of misinformation regarding the approval of a Bitcoin spot ETF, the flurry of on-chain has persisted both before and after.
This movement was accompanied by a notable contraction in open interest, representing the total funds allocated in open futures contracts. Initially standing at $11 billion, open interest took a hit of over $1 billion, plunging to a little above $10 billion.
The ripple effects didn’t stop there. In the past 24 hours, there has been a liquidation of $183 million in the crypto market, with Bitcoin accounting for over $100 million of this total. More than $80 million of these Bitcoin liquidations were in the form of short liquidations, marking the largest such event since August 17.
Market Cap $1.59T
24H Volume $36.93B
