What Caused Over $200M Worth of Liquidations in Last 24 Hours

Late Sunday, the price of Bitcoin (BTC) corrected by over 2.5%, causing liquidations of over $200 million in the last 24 hours.

This week, the final announcement on the much-anticipated spot Bitcoin Exchange-Traded Fund (ETF) is expected. Meanwhile, the price of Bitcoin is trying to figure out a direction, consolidating in a tight range.

Crypto Traders Suffer $200 Million in Liquidations

The screenshot below shows that in the last 24 hours, 212.39 million worth of trades have been liquidated. Specifically, longs worth $172 million and short positions worth over $40 million faced the wrath of liquidations .

The liquidations happened as Bitcoin fell by over 2.5% on Sunday.

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Crypto Liquidations After Bitcoin Price Fell by 2.5%. Source: Coinglass

F2Pool Deposited 2,000 BTC to Binance

As the price of BTC declined, the on-chain analytical platform Lookonchain shared on X (Twitter) that a mining pool – F2Pool has been depositing Bitcoin to Binance. Lookonchain wrote:

“Why did the price of $BTC drop $1K (-2.3%) in the last 7 hours?

We noticed that #F2Pool deposited 1,000 $BTC($43.96M) to #Binance during this period.

And #F2Pool also deposited 1,000 $BTC($43.76M) to #Binance 2 days ago.”

Not just F2Pool but many miners have been distributing their Bitcoin as the price of the apex cryptocurrency started rallying . The screenshot below shows that the miner distribution has been the highest in the last two months since December 2022.

In December 2022, the mining firms were struggling due to a broader market collapse . Some even had to file for bankruptcy .

Read more: How To Build a Mining Rig: A Step-by-Step Guide

Bitcoin Miner Net Position Change. Source: Glassnode

Despite the market correction on Sunday, Bitcoin swiftly recovered after testing the support at $43,222. The screenshot below shows that the price of Bitcoin has been tightly consolidating between $44,300 and $43,200 since Thursday.

BTCUSD, Bitstamp. Source: TradingView

According to on-chain data, Bitcoin has a strong support between $42,560 and $43,245. Ali Martinez, the Global Head of News at BeInCrypto, shared on X (Twitter) :

“Around 1.11 million $BTC were bought between $42,560 and $43,245 and have not been sold yet, making this one of the strongest support walls! 

If #Bitcoin can hold above this level, there is not much significant resistance ahead that will prevent it from advancing further. But if $42,560-$43,245 fails to hold, expect a downswing to the next critical area of interest between $26,770 and $30,220.”

Strong Bitcoin Support Wall Between $42,560 and 43,245. Source: Glassnode

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here .