Bitcoin’s drop below $64,000 led to over $440 million in losses for futures traders, with significant liquidations on Binance and OKX exchanges.
Major cryptocurrencies like Ethereum, Solana, and Dogecoin also suffered losses, with expectations of bitcoin falling further to $55,000 amidst record-high outflows from Grayscale’s GBTC.slump to under $64,000 caused over $440 million in liquidation for crypto futures traders betting on higher prices. Some traders expect bitcoin to reach the $55,000 level in the short term.Data shows that the most liquidations took place on Binance at $212 million, followed by OKX at $170 million.
Meanwhile, some traders said they expected bitcoin to fall to as low as $55,000 in the coming weeks, even as they have a long-term bullish outlook. “The pace of the recent appreciation makes forecasting when the correction will complete difficult, but I do look for a move lower to $55-$62k before the next leg up,” John Glover, Chief Investment Office at Ledn, told CoinDesk in an email.
“The retail players are just starting to enter the BTC ETFs en masse, and the next big entry is set to coincide with the halving, so things should get interesting in a month or so,” Glover added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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