Today, Bitcoin (BTC) rallied by 4.57%, breaking the $59,000 mark, while Ethereum (ETH) also saw a 2.7% increase, reaching beyond $3,300.
Coinglass reported that within the last 24 hours, a total of $233 million was liquidated, with $131 million attributed to short orders, resulting in the liquidation of 79,700 individuals.
BTC rose 4.57% to cross $59,000, and ETH gained 2.7% to cross $3,300. Coinglass shows that in the past 24 hours, $233 million was liquidated, of which $131 million was liquidated on short orders; a total of 79,700 people were liquidated.
— Wu Blockchain (@WuBlockchain) February 28, 2024
ETF analyst Eric Balchunas of Bloomberg highlighted that on February 27, the daily trading volume of nine new spot Bitcoin ETFs, excluding GBTC, exceeded $2 billion for the second consecutive day.
BlackRock IBIT’s trading volume reached a record-breaking $1.3 billion, with over 100,000 unique transactions totaling $1.357 billion.
Another intense volume day for the Nine with well over $2b traded. $IBIT broke its personal record again w/ $1.3b (for context that's more than most large cap US stocks trade). I don't know if this is a new normal or some kind of short-term algo/arb-related burst a la $HODL. pic.twitter.com/KkCkdQKe9r
— Eric Balchunas (@EricBalchunas) February 27, 2024
SoSoValue data revealed that on the same day, net inflows for Bitcoin spot ETFs hit $576 million. Notably, Grayscale ETF GBTC experienced a $125 million net outflow, while BlackRock’s ETF IBIT recorded the highest net inflow of approximately $520 million, setting a new single-day record. IBIT’s historical net inflow now stands at $6.54 billion.
Significant Surge In Bitcoin Trading Both On Exchanges And Spot ETFs
Santiment data highlighted a significant surge in Bitcoin trading both on exchanges and through Spot ETFs, with a trading volume of $54.53 billion, the highest level since the market bottom attributed to FTX’s $15.8k BTC.
📊 With #crypto markets soaring to new heights, and many market caps exceeding levels last seen in 2021 or 2022, large cap project trading volumes have reached their highest level since the collapse of #FTX. #Bitcoin, in particular, is seeing a significant surge both on exchanges… pic.twitter.com/FcScb7DXbr
— Santiment (@santimentfeed) February 27, 2024
Additionally, Lookonchain’s on-chain reports revealed a whale who purchased 1.2K BTC ($68.52 million) from Binance, now boasting an unrealized profit of $5.3 million in less than two days.
A whale bought 1.2K $BTC($68.52M) from #Binance!
And has an unrealized profit of $5.3M in less than 2 days!https://t.co/E4oEkfh3Mh pic.twitter.com/OCGz9j5rJ1
— Lookonchain (@lookonchain) February 27, 2024
The cryptocurrency market is witnessing robust activity and heightened trading volumes, indicating strong investor interest and market sentiment toward digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.