Bitcoin’s $30k price spike liquidates over $170M

Bitcoin’s (BTC) brief jump toward $30,000 led to more than $106 million in liquidations for short traders in the last 24 hours, according to Coinglass data.

The overall crypto market saw $173 million in liquidation during the period, mostly from traders holding short positions against BTC and other cryptocurrencies.

Most of the liquidations occurred on Huobi, Binance, and OKX. The three exchanges accounted for almost 80% of the overall liquidations — of which 87% were short positions. Other exchanges like Bybit, CoinEx, and Bitmex also recorded a sizeable amount of the total liquidations.

According to Coinglass, 31,113 traders were liquidated — with the most significant liquidation being an $11 million BTC-USDT short position on Huobi.

Other liquidated assets include Ethereum (ETH) and Litecoin (LTC) — with $29 million and $2.8 million, respectively. Others like Solana (SOL) saw $2.64 million in liquidation, while Arbitrum (ARB) recorded $2.27 million.

BTC briefly spikes above $30,000

Meanwhile, Bitcoin rose by 6.4% in the last 24 hours to reach $30,000 for the first time in almost a year, according to CryptoSlate data.

In the last 24 hours, the flagship asset saw more inflows than outflows on exchanges. According to Glassnode data, $757.7 million BTC was sent to exchanges, while $734.4 million was withdrawn. This led to a positive netflow of $25 million.

Meanwhile, the favorable price movement appears to have drawn more retail traders to the asset as more addresses are holding at least 0.1 BTC than ever before — reaching a new all-time high of 4,307,269 earlier today, according to Glassnode data.

The improved price performance coincided with a recent statement from U.S. presidential candidate Robert Kennedy who said cryptocurrencies like Bitcoin could protect holders from government overreach and central bank digital currencies (CBDCs)

Kennedy said:

“Cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts.”

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