Here’s how many traders got ripped off as Bitcoin (BTC) explodes to $72,000 amid surge in ETF inflows

Bitcoin had a relatively quiet recent few days, especially over the weekend, and had been stalling around $67,000 before the bulls began a mind-boggling stretch that took the asset to within $2,000 of its ATH of $73,750.

Altcoins, led by ETH’s rally, are also in the running, and this volatility resulted in over $300 million in losses for overleveraged traders.

Bitcoin/Price/Chart 05/21/2024. Source: TradingView

The major cryptocurrency had recovered a lot of ground last week, moving from around $61,000 to $67,000. However, he did not manage to overcome the latter despite some consecutive attempts.

That finally happened yesterday evening when the asset blew past the $67,500 resistance and moved closer to $70,000. After a brief pullback from this level, the bulls also broke it and pushed bitcoin to its highest price position since early April at $72,000.

Despite pulling back around a grand since then, BTC is still up 5.5% on the day. Perhaps one reason for these latest increases is ETF inflows, which have hit a six-day streak. FarSide data shows that nearly $240 million went into these products on Monday.

However, BTC’s earnings do not come close to ETH’s. The second-largest cryptocurrency soared from below $3,000 to a multi-month high of more than $3,700 amid hopes that the U.S. SEC will approve Ethereum ETFs as soon as this week.

At one point, the underlying asset gained more than 20% as analysts began to speculate whether it would be able to break above $4,000 if these financial products were given the green light.

The total crypto market cap added approximately $200 billion in one day. This volatility usually brings a lot of pain to overleveraged traders, and almost 80,000 of them have liquidated in the last 24 hours.

The total value of the destroyed positions is 340 million dollars. As expected, ETH is responsible for the largest piece of the pie, and it also holds the largest liquidated position, which is valued at over $3 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!