{"id":14506,"date":"2024-01-11T17:32:52","date_gmt":"2024-01-11T17:32:52","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14506"},"modified":"2024-01-11T17:32:54","modified_gmt":"2024-01-11T17:32:54","slug":"bitcoins-brief-rally-to-49k-and-subsequent-decline-to-46k-liquidates-100m-in-4-hours","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14506","title":{"rendered":"Bitcoin\u2019s brief rally to $49k and subsequent decline to $46k liquidates $100M in 4 hours"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) experienced significant volatility following the launch of the first spot BTC exchange-traded funds (ETFs) in the United States.<\/p>\n<p>BTC surged above the $49,000 threshold, marking its highest level since December 2021, immediately after these ETFs began trading. However, the cryptocurrency rapidly declined almost 4% within the one-hour candle, plummeting to around $46,000, as per <em>CryptoSlate<\/em> data.<\/p>\n<p>This turbulent price movement resulted in the liquidation of trading positions exceeding $50 million, held by crypto traders engaged in speculation on digital currency prices during the hour. Coinglass data indicates broader losses, with speculators seeing $120 million evaporate within four hours and $175 million over the past 12 hours.<\/p>\n<p>Notably, most of these losses were incurred by long traders or investors who had anticipated further price appreciation for the primary cryptocurrency.<\/p>\n<p>Additionally, BTC&#8217;s spot trading volume had exceeded $60 billion as of press time\u2014further indicating the asset&#8217;s high trading activity during the reporting period.<\/p>\n<h2>Bitcoin ETFs record trading volume<\/h2>\n<p>Meanwhile, the newly launched spot Bitcoin ETFs are attracting massive attention, with their trading volume exceeding $2.3 billion.<\/p>\n<p>Bloomberg Intelligence analyst James Seyffart pointed out that these ETFs crossed $1.2 billion in trading volume during the first 30 minutes of trading.<\/p>\n<p>&#8220;No way to know how much of this is flows. We will potentially know this evening. Though I would bet a significant portion of it is indeed flows. Would also bet that a lot of the GBTC trading volume is outflows,&#8221; Seffart clarified.<\/p>\n<p>Bloomberg analyst Eric Balchunas said Grayscale&#8217;s new spot Bitcoin GBTC ETF and ProShares&#8217; futures-based Bitcoin Strategy ETF (BITO) are among the top 10 ETFs in trading volume today. Additionally, BlackRock&#8217;s IBIT and Fidelity&#8217;s FBTC are in the top 25 ranking.<\/p>\n<p>Meanwhile, Yahoo Finance shows that BlackRock&#8217;s IBIT and Grayscale&#8217;s GBTC are among the trending tickers for the day.<\/p>\n<p>The post Bitcoin&#8217;s brief rally to $49k and subsequent decline to $46k liquidates $100M in 4 hours appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitcoins-brief-rally-to-49k-and-subsequent-decline-to-46k-liquidates-100m-in-4-hours\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) experienced significant volatility following the launch of the first spot BTC exchange-traded funds (ETFs) in the United States. BTC surged above the $49,000 threshold, marking its highest level since December 2021, immediately after these ETFs began trading. However, the cryptocurrency rapidly declined almost 4% within the one-hour candle, plummeting to around $46,000, as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14506"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14506\/revisions"}],"predecessor-version":[{"id":14508,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14506\/revisions\/14508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14507"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}