Cryptocurrency

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

Hull Invest

Bitcoin briefly crossed $21,000 on January 13th for the first time since the FTX saga began in early November. After a slight retracement early Saturday morning, BTC is priced at $20,800 at the time of writing.

$255 million spot bitcoin was bought on Jan. 13 and $240 million bitcoin short liquidated, bitcoin reached a high of $21,300.

According to Coinglass data, the entire cryptocurrency market has seen a total liquidation of $721 million in the last 24 hours. Additionally, a total of 132,021 traders were liquidated, with the most significant liquidation being his $6.84 million short bet on Bitcoin.

coin glass liquidation
Source: Coinglass

Interestingly, despite the large number of BTC purchases over the past day, the amount of Bitcoin leaving exchanges hit a year-to-date high. Most of the bitcoins bought on exchanges were withdrawn almost immediately as $255 million of bitcoins moved into self-management.

btc trading volume
Source: Glassnode

Most withdrawals were made in large installments of $1 million or more. Additionally, the largest group was the one that withdrew more than $10 million in BTC, suggesting institutional action.

Bitcoin continued to leave exchanges overnight on January 13 as the total amount of Bitcoin held on the exchange fell to just 2.24 million BTC.

btc exchange balance
Source: Glassnode

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