Bitcoin has descended back to $65,000 in a massive selloff following a brief wick above $69,000 on Tuesday, eclipsing the asset’s previous all-time high in US dollars.
The sell-off has triggered over $670 million in crypto market liquidations – including $388 million in longs, and $286 million in shorts.
- According to Coinglass, 198,577 traders have been liquidated within the past 24 hours. The largest single liquidation was on a BTC/USDT trade on Binance for $8.23 million.
- About $201 million of liquidations impacted Bitcoin trades, while another $110 million affected ETH trades. Roughly $66 million was liquidated on trades for memecoins like DOGE and SHIB.
- Shortly after markets opened on Tuesday, BTC claimed new all-time high above $69,200.
- The highly anticipated event broke a historical Bitcoin pattern in which the coin only broke new highs after a bear market several months after its periodic “halving” event – which doesn’t occur until next month.
- Vijay Boyapati, author of The Bullish Case for Bitcoin, said on Tuesday that its “perfectly normal” and historically precedented for BTC to pullback after claiming a new all-time high.
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“Large sellers use the anticipation of the moment to dump into a high liquidity moment,” Boyapati wrote in a post to X. “Importantly the psychological wall is broken and true price discovery will eventually begin.”