Billions in Bitcoin Sold on Exchanges as Liquidations Top $500 Million
Main Idea
Galaxy Digital moved $3.7 billion worth of Bitcoin to exchanges, contributing to a sell-off led by short-term holders, which caused Bitcoin's price to drop and trading volume to surge.
Key Points
1. Galaxy Digital shifted 35,568 BTC to exchanges, with 26,100 BTC sold at a loss by short-term holders.
2. Bitcoin's price dropped 1.8% to $116,365, with $131.6 billion traded in 24 hours (a 37% volume increase).
3. Open interest in BTC increased by $3.8 billion, and short interest exceeded $2.8 billion, raising potential for a short squeeze.
4. Bitcoin ETFs saw net deposits of $226 million on Thursday, partially offsetting earlier withdrawals.
5. The Crypto Fear & Greed Index remained high at 70, indicating sustained market optimism despite the sell-off.
Description
Bitcoin drops 1.8% as Galaxy Digital and others move $3.7B worth of BTC to exchanges, triggering massive selling pressure and liquidations.
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