Data provided by ByBt.com shows that this morning the BTC / USD market liquidated $ 1.17 billion worth of long contracts. The stop losses were triggered when the Bitcoin price fell below $ 30,000 amid a corrective spot market move.
The figures show that long position holders on Binance alone lost $ 339.37 million, followed by Huobi, whose traders lost $ 258.1 million.
That ultimately marked the worst one-day liquidation of the Bitcoin market since November 25th last year. On that day, long traders had lost about $ 999.52 million.
Still bullish
None of the recent large long liquidations have resulted in a broader downtrend. Spot traders have remained bullish on Bitcoin over the long term due to its increasing role as a hedging asset with mainstream financial institutions and corporations.
For example, after November 25, the BTC / USD rate climbed as much as 114 percent to a record high of $ 34,810. Many analysts admitted that institutional investors have recently taken advantage of the price drops triggered by retail investors to buy bitcoin en masse. ( Buy Bitcoin with PayPal Instructions )
As a result, the flagship cryptocurrency has rebounded exponentially after Bitcoin developed concrete supports near $ 16,200, $ 17,650, $ 22,000, and most recently $ 27,500.
A pseudonymous chartist said on Monday that cryptocurrency is migrating from weak to strong hands – those who prefer to keep their investments long-term. The so-called „HODLING“ mood comes from a supportive macroeconomic outlook.
People see Bitcoin as a safe haven against falling bond yields and the US dollar. This is also the reason why billionaire investors like Paul Tudor Jones and Stan Druckermiller have integrated the cryptocurrency into their portfolios. That also explains why MicroStategy, Square, Ruffer Investments, MassMutual and others decided to invest in Bitcoin .
Ethereum bullisches Sentiment
Ethereum rose sharply over the weekend and was able to hit the $ 1,000 mark. Several well-known analysts are extremely bullish about the future.
For example, the trader Cryptobirb published a tweet today in which he said that the Ethereum price can rise to $ 2,000 by March / April 2021.