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Long term bitcoin Holders have collectively spent over $10 billion to buy the leading cryptocurrency as btc loses the $60,000 support and ends the 8-day streak of inflows recorded by spot bitcoin ETFs (exchange-traded funds).
“For the first time in history, the realized capitalization of long-term holders has surpassed $10 billion,” CryptoQuant contributor Amr Taha said in an Aug. 27 article. mail.
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bitcoin drops below $60,000 as spot ETFs end recent streak of inflows
In the past 24 hours, the largest cryptocurrency by market cap bitcoin/”>abandonment More than 5% to trade below the psychological $60K mark at $59,190.79 as of 2:37 am EST. This drop in btc price comes after US spot bitcoin ETFs ended their 8-day inflow streak yesterday.
Data from btc-spot”>SoSoValue shows that funds recorded a net outflow of $127 million. Most of the capital that was withdrawn came from spot bitcoin ETF belonging to Ark & 21Shares, which suffered outflows of $101.97 million.
Investors also withdrew funds from Grayscale’s GBTC and Bitwise’s BITB, with $18.32 million and $6.76 million, respectively, exiting GBTC and BITB yesterday. BlackRock’s IBIT was among the eight funds that saw no inflows on August 27.
Traders suffer a hard blow
On-chain monitoring platform Lookonchain said in an Aug. 28 x post that 87,405 traders were liquidated following the recent drop in ethereum and btc prices. Liquidations over the past 24 hours totaled $318.46 million, according to Lookonchain. One whale holding a long position on btc also suffered a loss of $12.6 million following the recent correction.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.590909090909″>
The price of twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc fell by ~7% and twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw”>$Ether fell by ~10%!
87,405 traders liquidated $318.46 million in the last 24 hours.
A whale was liquidated for $12.67 million in a long eth/btc position.
Another whale was liquidated for $12.6 million in a twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc long position… image.twitter.com/9aObwOYjKv
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1828611076671578138?ref_src=twsrc%5Etfw”>August 28, 2024
Amid the recent downturn, pseudonymous cryptocurrency trader and analyst Rekt Capital told his 496.4K followers in an Aug. 28 post x.com/rektcapital/status/1828561607934275840″>mail that “bitcoin will pull back far enough” to convince investors that the bull market is over, only to “resume its uptrend” shortly after the pullback.
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