Crypto bulls bleed, nearly $1 billion liquidated as BTC plunges below $96K

The global digital assets market registered minor correction hours after Bitcoin breakthrough above the historical milestone of $100,000. Crypto bulls, who were hoping the upward run would continue, saw major liquidations as BTC rapidly dropped below the $96,000 price level.

The cumulative crypto market collapsed by around 2% over the last 24 hours to stand at $3.6 trillion. The 24 hour trading volume is down by 12%, hitting the $308 billion mark. However, some of the biggest altcoins like Ethereum (ETH) and Solana (SOL) remained marginally up while other printed red indexes.

Bitcoin bulls see red

As per the data shared by CoinGlass, more than 156k traders were liquidated over the last day as the crypto liquidation (including both long and short positions) went to breach the $875 million mark. The largest single liquidation order of BTC/USDT (approx. worth $18.94 million) happened on the crypto exchange OKX.

Over $702 million worth of liquidation positions (80%) turned out to be long bets. Bitcoin bulls weighing on an upward rally to push for more, single-handedly recorded liquidation of $415 million. The BTC price dropped by more than 4% in the last 24 hours. The biggest crypto has managed to recover after falling straight to the $94,000 price zone from $100k. Bitcoin is trading at an average price of $98,299, at press time.

Arkham data shows that Mt. Gox transferred 3,493 BTC (approx. worth $340 million) to the new address (1MAXy6). It added that the exchange moved 126.57 BTC (approx. worth $12 million) to an address labeled as bc1qkf. This move has sparked sell-off fear among the holders.

Crypto ETFs are so back

Bitcoin spot ETF reported a total net inflow of $767 million on December 5. This marks the sixth consecutive day of net inflow. BlackRock’s IBIT saw an inflow of over $2.5 billion in the last five days and its cumulative inflow has now hit $34.11 billion. This has been the most inflow among all ETFs. IBIT had a single-day net inflow of $771 million over the last day.

Ethereum spot ETFs are also receiving huge inflow as the investors look positive on the crypto market. ETH ETFs had a total net inflow of $428 million on December 5. The largest since launch, marking 9 consecutive positive days, the longest streak yet. It has surpassed $1 billion in cumulative net inflows after 96 trading days.

BlackRock’s ETHA led the way by adding $293 million per day, while Fidelity FETH had a net inflow of $114 million per day. ETH price is up by 50% in the last 30 days. Ether is trading at an average price of $3,887, at press time.