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Long-term Bitcoin holders have collectively spent more than $10 billion to purchase the leading crypto as BTC loses the $60K support and brings an end to the 8-day inflow streak recorded by spot Bitcoin ETFs (exchange-traded funds).
“For the first time ever, the realized capitalization of long-term holders has exceeded $10 billion,” said CryptoQuant contributor Amr Taha in an Aug. 27 post.
Bitcoin Drops Below $60K As Spot ETFs End Recent Inflow Streak
Over the past 24 hours, the largest crypto by market cap dropped more than 5% to trade below the psychological $60K mark at $59,190.79 as of 2:37 a.m. EST. This drop in the BTC price comes after US spot Bitcoin ETFs ended their 8-day inflow streak yesterday.
Data from SoSoValue shows that the funds recorded a net outflow of $127 million. The majority of the capital that was withdrawn came from the spot Bitcoin ETF belonging to Ark & 21Shares, which suffered $101.97 million outflows.
Investors also pulled funds out of Grayscale’s GBTC and Bitwise’s BITB, with $18.32 million and $6.76 million leaving GBTC and BITB yesterday, respectively. BlackRock’s IBIT was among 8 of the funds that saw zero flows on Aug. 27.
Traders Take A Hit
On-chain monitoring platform Lookonchain said in an Aug. 28 X post that 87,405 traders were liquidated following the recent drop in both Ethereum and BTC’s prices. Liquidations over the past 24 hours totaled $318.46 million, according to Lookonchain. A whale who had a long position on BTC also took a $12.6 million hit following the recent correction.
The price of $BTC dropped by ~7% and $ETH dropped by ~10%!
87,405 traders were liquidated for $318.46M in the past 24 hours.
A whale was liquidated for $12.67M on an ETH/BTC long position.
Another whale was liquidated for $12.6M on a $BTC long position.… pic.twitter.com/9aObwOYjKv
— Lookonchain (@lookonchain) August 28, 2024
Amid the recent downturn, pseudonymous crypto trader and analyst Rekt Capital told his 496.4K followers in an Aug 28 X post that “Bitcoin will retrace deep enough” to convince investors that the bull market is over, only to “resume its uptrend” soon after the pullback.
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