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Over $5 Billion Worth of Bitcoin Liquidated As BTC Declines 17% in 24 Hours

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Bitcoin futures worth $5.64 billion have been liquidated as the king coin fell 17% in the last 24 hours.

Cointelegraph noted in a report that analysts at data analytics firm Santiment have confirmed that a known address was responsible for the second-largest Bitcoin transaction in 2021. In a tweet, Santiment explained:

“As we noted yesterday, there was an 11x exchange inflow spike that initiated Bitcoin’s price correction from its $58.3k ATH. Further data combing revealed that an address was responsible for the 2nd largest BTC transaction of the year, an import of 2,700 tokens to the wallet. Before a quick sell-off. This same address also made a 2,000 BTC import last March right as the Black Thursday correction took place.”

Explaining further, Santiment said that within one year of existence, the address made a total of 73 transactions, involving 91,935 BTC.

The selling pressure from many long positions may have been triggered by a major sell-off in the spot market. The report revealed that the Bitcoin funding rate was around 0.15% when it initially began correcting on the 22nd of February.

As stated by Cointelegraph, the events indicated that overleveraged investors continued to buy each dip despite the correction.

At press time, Bitcoin is down 12.06% to $47,105.38. In the last seven days, BTC has fallen by 3.55%. Its current 24-hour trading volume is $102.04 billion.

Image Credits: Pixabay

 

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 2/24/2021

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