Bitcoin[1], the world’s largest cryptocurrency, has showcased a strong will to stand up on its feet over the past couple of weeks. However, despite that, Bitcoin dropped below $22,000 recently, triggering rapid losses for traders.
In fact, even the demand zone took a heavy blow as we speak.
The sky full of blood
Liquidations across the crypto-market have quickly added up over the last 24 hours. Data from Coinglass[2] highlighted that roughly $600M in crypto were liquidated and 168,586 trades liquidated in the aforementioned period.
Bitcoin, which aimed to break through the $25,000-resistance level last week, fell below $22,000 to register a new two-week low of $21,747. At press time, BTC was down by 1% on the price charts.
Not just the coin, but even related products suffered immensely. By extension, Bitcoin funds and ETFs continue to show a lack of demand since the sell-off in mid-June. The crypto-massacre reworked a well-known Bitcoin ETF that launched essentially the most profitable debut ever into one of the greatest losses for an issuer.
Popular Bitcoin analyst Jan Wustenfeld[3] recently shared this development on Twitter with his followers. On 17 June, the holdings of the Canadian Bitcoin Purpose Spot ETF[4] dropped from 47.8k to 23.3k BTC. Holdings have remained flat since then (currently at 23.6k BTC).
Source: Glassnode
Bitcoin-specific funds, on a daily close price, witnessed rather stagnant traction from enthusiasts.
‘Only minor in- and outflows over the last weeks,’ Wustenfeld added[5]. Also, according to data by ByteTree, aggregate holdings of funds didn’t show any major moves.
Source: Twitter
