$700m liquidated as Bitcoin touches $21k amid weekend pump

Bitcoin briefly surpassed $21,000 on Jan. 13 for the primary time because the FTX saga began in early November. After a slight retracement early on Saturday morning, BTC is priced at $20,800 as of press time.

$255m of spot Bitcoin was purchased on Jan.13, whereas the liquidation of $240 million Bitcoin shorts liquidated despatched Bitcoin to a excessive of $21,300.

Throughout the broader crypto market, there have been a complete of $721 million in liquidations over the previous 24 hours, in line with Coinglass information. As well as, a complete of 132,021 merchants have been liquidated, with essentially the most vital liquidation being a $6.84 million brief guess in opposition to Bitcoin.

Bitcoin Total Liquidations
Bitcoin Complete Liquidations / Supply: Coinglass

Apparently, whereas there have been loads of BTC purchases over the previous day, the quantity of Bitcoin leaving exchanges hit an early year-to-date excessive. Most exchange-purchased Bitcoin was withdrawn virtually instantly as $255 million of Bitcoin moved into self-custody.

btc exchange volume
Bitcoin: Web Switch Quantity / Supply: Glassnode

Most withdrawals have been made in massive installments of $1 million and above. Additional, the largest group was these withdrawing over $10 million of BTC, suggesting institutional motion.

Bitcoin continued to depart exchanges in a single day on Jan. 13 as the entire worth of Bitcoin held on exchanges dropped to only 2.24 million BTC.

btc exchange balance
Bitcoin Steadiness on Exchanges / Supply: Glassnode

On the time of press, Bitcoin is ranked #1 by market cap and the BTC worth is up 10.47% over the previous 24 hours. BTC has a market capitalization of $402.53 billion with a 24-hour buying and selling quantity of $45.41 billion. Be taught extra ›

BTCUSD Chart by TradingView

Bitcoin On-Chain Evaluation
Market abstract

On the time of press, the worldwide cryptocurrency market is valued at at $980.04 billion with a 24-hour quantity of $90.55 billion. Bitcoin dominance is at present at 41.07%. Be taught extra ›

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