Bitcoin’s stagnation days seem to be over, at least for now, as the asset has charted impressive gains twice in the past 48 hours.
BTC is up by more than three grand in this timeframe, and the liquidations on a daily scale have soared to well above $100 million.
The primary cryptocurrency had a massive fall after the US SEC approved nearly a dozen spot ETFs on January 10, and especially a day later when they went live for trading.
In the next two weeks, the asset had declined by more than ten grand and bottomed at $38,500 on January 23. The bulls finally stepped up at this point and pushed BTC to $43,000, where it had stood for just over a week.
After this untypical stagnation, Bitcoin started to climb yesterday and pumped to $45,000 for the first time since the ETF approvals a month prior. The past 12 hours or so have been quite positive as well, as the cryptocurrency jumped to another monthly high of over $46,000.
Several altcoins have also produced impressive gains in this timeframe, with SOL and ADA standing out the most from the larger caps.
As such, this volatility and price increases have harmed over-leveraged traders. Data from CoinGlass shows that there are 37,000 liquidated traders in the past day, and the total value of wrecked positions stands at $115 million.
More than $80 million out of the entire amount comes from short positions. The single-largest liquidation was on Bitmex, involved the trading pair BTC/USD, and was worth more than $5 million.