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Bitcoin’s pump to $35k results in $400M liquidation

By:
on Oct 24, 2023
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  • Bitcoin price rose to above $35,000 for the first time since May 2022.
  • The sharp spike in BTC price saw nearly $400 million in longs and shorts liquidated.
  • Today's price surge comes amid continued speculation around the approval of a spot Bitcoin ETF.

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Bitcoin rose more than 12% in 24 hours to reach a new year-to-date high of $35,264 on Binance – BTC traded to highs above$35,150 on Bitstamp and Coinbase as well. As the flagship cryptocurrency skyrocketed, altcoins followed suit, with Ethereum spiking above $1,800.

Bitcoin price on the weekly chart. Source: TradingView

$400 million liquidated as BTC skyrocket

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BTC’s spike to a yearly high comes on the back of fresh news regarding the imminent launch of a spot Bitcoin ETF. Sentiment around this topic had driven expectations and prices higher in recent weeks. However, bulls had found it tough to break past $31k and the YTD hurdle above $32.8k.

As the latest speculation on spot Bitcoin ETF proved a big catalyst for bulls, nearly $400 million in longs and shorts have been liquidated in the past 24 hours. According to data from Coinglass, this includes over $223 million for Bitcoin, over $57 million for Ethereum and $10 million in Solana positions.

Data indicates that the past 24 hours have seen over 94,500 traders liquidated. Coinglass data shows the largest single liquidation order occurred on crypto exchange Binance, with a trader holding a BTC/USDT position valued at $9.98 million rekt.

Why did the BTC price spike today?

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Bitcoin’s pump to a 17-month high was primarily driven by fresh speculation around a spot Bitcoin ETF. It follows reports that BlackRock has begun to buy BTC ahead of a potential approval of its ETF application by the SEC.

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On Monday, it also appeared that the $9 trillion asset manager’s iShares Bitcoin had been added to the Depository Trust and Clearing Corporation (DTCC) website under the ticker $IBTC. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the listing of $IBTC on the DTCC is indicative of the process in place to bring the ETF to the market.

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Other ETF related news driving sentiment is the Grayscale application to convert its GBTC to a spot BTC exchange-traded fund.

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