{"id":569842,"date":"2024-08-28T09:10:22","date_gmt":"2024-08-28T09:10:22","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=569842"},"modified":"2024-08-28T07:10:10","modified_gmt":"2024-08-28T07:10:10","slug":"long-term-bitcoin-holder-capitalization-tops-10b-as-btc-loses-60k-support-and-ends-8-day-etf-inflow-streak","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/long-term-bitcoin-holder-capitalization-tops-10b-as-btc-loses-60k-support-and-ends-8-day-etf-inflow-streak","title":{"rendered":"Long-Term Bitcoin Holder Capitalization Tops $10B As BTC Loses $60K Support And Ends 8-Day ETF Inflow Streak"},"content":{"rendered":"
Long-term <\/span>Bitcoin<\/span><\/a> 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).<\/span><\/p>\n “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 <\/span>post<\/span><\/a>.<\/span><\/p>\n Over the past 24 hours, the largest crypto by market cap <\/span>dropped<\/span><\/a> 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.<\/span><\/p>\n Data from <\/span>SoSoValue<\/span><\/a> shows that the funds recorded a net outflow of $127 million. The majority of the capital that was withdrawn came from the spot Bitcoin <\/span>ETF<\/span><\/a> belonging to Ark & 21Shares, which suffered $101.97 million outflows. <\/span><\/p>\n 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.<\/span><\/p>\n 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.<\/span><\/p>\n The price of $BTC<\/a> dropped by ~7% and $ETH<\/a> dropped by ~10%!<\/p>\n 87,405 traders were liquidated for $318.46M in the past 24 hours.<\/p>\n A whale was liquidated for $12.67M on an ETH\/BTC long position.<\/p>\n Another whale was liquidated for $12.6M on a $BTC<\/a> long position.… pic.twitter.com\/9aObwOYjKv<\/a><\/p>\n — Lookonchain (@lookonchain) August 28, 2024<\/a><\/p><\/blockquote>\n<\/p>\n
Bitcoin Drops Below $60K As Spot ETFs End Recent Inflow Streak<\/span><\/h2>\n
Traders Take A Hit<\/span><\/h2>\n
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