Long-term Bitcoin holders’ capital exceeds $10 billion as BTC loses support at $60K, ETFs end 8-day streak of outflows

Long lasting Bitcoin Bitcoin holders collectively spent more than $10 billion buying the leading cryptocurrency as Bitcoin lost support at $60,000 and brought an end to an 8-day streak of inflows recorded by exchange-traded funds.

“For the first time ever, the realized capitalization of long-term cryptocurrency holders has surpassed $10 billion,” Amr Taha, a CryptoQuant contributor, wrote in an August 27 article. mail.

Bitcoin Drops Below $60K as Spot ETFs End Recent String of Inflows

Over the past 24 hours, the largest cryptocurrency by market cap has been He fell Bitcoin is down 5% to trade below the psychological $60,000 level at $59,190.79 as of 2:37 a.m. ET. The drop in bitcoin price comes after U.S. bitcoin ETFs ended their 8-day streak of inflows yesterday.

Data from Soso Value The funds appear to have recorded net outflows of $127 million, with the majority of the capital withdrawn coming from the spot Bitcoin market. Exchange Traded Fund A subsidiary of Ark & 21Shares, which suffered outflows of $101.97 million.

Investors also pulled money from Grayscale’s GBTC and Bitwise’s BITB, with $18.32 million and $6.76 million exiting GBTC and BITB yesterday, respectively. BlackRock’s IBIT was among eight funds that saw no inflows on August 27.

Traders are taking a hit

Chain monitoring platform Lookonchain said in a blog post on Aug. 28 that 87,405 traders were liquidated following the recent price declines of both Ethereum and BTC. The total liquidations over the past 24 hours amounted to $318.46 million, according to Lookonchain. A whale who had a long BTC position also suffered a loss of $12.6 million following the recent correction.

price Bitcoin It decreased by ~7% and Ethereum Down ~10%!

87,405 traders liquidated for $318.46 million in the last 24 hours.

A whale sold for $12.67 million on a long ETH/BTC position.

Another whale sold for $12.6 million. Bitcoin Long center. pic.twitter.com/9aObwOYjKv

— Luke Chain (@lookonchain) August 28, 2024

Amid the recent slide, crypto trader and analyst Rekt Capital told his 496.4K followers on August 28: mail “Bitcoin will return to a level deep enough” to convince investors that the bull market is over, only to “resume its uptrend” shortly after the pullback.

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