BTC

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    Delphi Digital: Bitcoin outperforms all cryptocurrency sectors this year
    Bitcoin
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    GameStop pressured to bet big on Bitcoin with $5B reserve proposal
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  • Binance CEO Richard Teng: The recent market drop is a temporary retreat, not a reversal
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    Bitcoin
  • BNB becomes the silent winner in a bleeding crypto market

    BNB becomes the silent winner in a bleeding crypto market
    BNB
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  • Ether set for its worst February in years? 25% drop raises red flags

    Ether set for its worst February in years? 25% drop raises red flags
    News
  • Indians turn to crypto en masse amid job market struggles

    Indians turn to crypto en masse amid job market struggles
    News
  • The crypto market faced an onslaught of liquidations this February. The latest round of unwinding affected fewer positions in dollar terms, but caused a deeper drawdown for Bitcoin (BTC) and all other leading assets.  Traders got liquidated for over $809M, attacking both short and long positions. The latest liquidation event pressured Bitcoin (BTC) to break under its range, sinking to the $88,000 level. Newer data shows the liquidations continue, expanding to $1.48B in 24 hours.  For exchanges, however, any market conditions can lead to a payday in terms of fees and other sources of income related to the leveraged trade. It was precisely leveraged positions that drove the market, as traders deposited record liquidity in stablecoins.  One way exchanges benefit from turbulence is through funding fees, which accrue when holding a position. One whale on Hyperliquid accrued over $2.16M to avoid liquidation and retain their position.  Liquidations, increased trading volumes, and additional fees are boosting exchange revenues, even as crypto assets flounder. The recent crash for BTC and Ethereum (ETH) also followed a day of increased transfers from exchanges to market makers.  Exchanges have different liquidation fee schedules. Binance charges a 2% liquidation fee and 3% for pro traders.  After the recent liquidations, BTC sees extremely sparse long positions, as low as $86,000. Liquidity has now shifted to short positions up to $99,700, suggesting a market recovery may follow to challenge the most liquid tiers. The first big accumulation of liquidity is at $92,000, suggesting BTC may make a price move in that direction. Market crash helped Bybit repay its loans The recent ETH market crash made it much easier for Bybit to cover its loans. The exchange had excess liquidity for some stablecoins but lacked the needed ETH to repay in kind. Initially, it was hard for Bybit to source ETH, and the asset was trading above $2,700.  In the past 24 hours, Bybit has been using multiple avenues to acquire more ETH. The latest purchase was for another 36,893 ETH, acquired through an OTC deal. The funds originated from a high-value wallet, sent through an intermediary address created three days ago. Bybit has sourced an estimated 212,101 ETH through OTC deals in the past day, reflecting the new lowered price. The latest ETH dip to $2,370.28 meant the Bybit loan was now much cheaper and covered much faster. The rapid unraveling of assets led to peak volumes on Bybit. The exchange also became the leader in new liquidations.  Bybit liquidations do not directly translate into fund inflows Over 45% of all liquidations for the past day happened on Bybit. In the past 24 hours, over $675M were liquidated on Bybit, affecting 94.42% in long positions. The current level of liquidations is unusual for Bybit, and usually affects Binance the most, leading to more suspicions of market tampering. Bybit increased its volumes and influence in the past weeks, lining up among top-tier exchanges just before its $1.5B hack.  Bybit liquidations led the way, even surpassing activity on Binance's leveraged market. | Source: Coinglass The accrued long positions were indeed attackable, but the ability to sell large amounts of ETH raised suspicions that exchanges were coordinating to bring down the market and clear all leverage. In the end, the decision to hold leveraged positions belongs to traders, who took the risk that whales could sell and depress the market. During a liquidation event, the funds are paid out to traders that have taken the opposite position, and for covering the exchange’s claims if the positions are still open. Bybit may still hold some of the liquidated funds in its insurance fund.  At this point, it is difficult to estimate Bybit's exact share. It is unknown if the exchange itself trades against other users. The final funds available to Bybit would also depend on the leverage of the positions and the minimal funds left in the margin accounts. Some exchanges may act as market makers and retain a part of the liquidated funds.

    Exchanges stack liquidation fees as market downturn breaks leveraged positions
    News
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    Trump’s policy games are starting to catch up with crypto and stock markets
    Economy
  • PCM CEO Anthony Pompliano says less volatility on the upside could mean a 10X surge for Bitcoin

    PCM CEO Anthony Pompliano says less volatility on the upside could mean a 10X surge for Bitcoin
    Bitcoin
  • Bitcoin goblin town incoming - Arthur Hayes predicts BTC will fall to $70K, regards ETFs

    Bitcoin goblin town incoming – Arthur Hayes predicts BTC will fall to $70K, regards ETFs
    News
  • South Dakota lawmakers kill bill to allow state investments in Bitcoin

    South Dakota lawmakers kill bill to allow state investments in Bitcoin
    Regulation
  • Long positions worth $809M liquidated in the cryptocurrency market in the past 24 hours

    Long positions worth $809M liquidated in the cryptocurrency market in the past 24 hours
    News
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    Chainflip to prevent the illegal flow of Bybit hacker funds through protocol upgrades
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    El Salvador resumes Bitcoin purchases, adds 7 BTC to holdings
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    Peter Schiff criticizes Strategy Inc.’s Bitcoin purchases, cites falling stock value
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  • Crypto investment products saw $924M in outflows in two consecutive weeks

    Crypto investment products saw $924M in outflows in two consecutive weeks
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  • Michael Saylor's Strategy completes a $2B offering of convertible notes, acquires 20,356 Bitcoin worth $1.99B

    Michael Saylor’s Strategy completes a $2B offering of convertible notes, acquires 20,356 Bitcoin worth $1.99B
    Bitcoin
  • Bitcoin on-exchange balance hits lowest level since 2018

    Bitcoin on-exchange balance hits lowest level since 2018
    Bitcoin