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The recent Bitcoin ($BTC) plunge below $50,000 triggered an impressive spike in trading activity accompanied by painful 10-digit liquidations. Both futures and spot trading metrics soared to record-breaking numbers.
Bitcoin ($BTC) hits records amid bloodbath
Bitcoin ($BTC), the largest cryptocurrency, hit a new all-time-high in futures trading volume during its plunge below $50,000. Such statement was shared by Ki Young Ju, the founder and CEO of on-chain analytical team CryptoQuant, with his 361,000 followers on X.
On the day #Bitcoin dropped to $50K, futures trading volume hit an ATH of $154B, and spot trading volume reached $83B, the second-highest ever. pic.twitter.com/TJLUaSXuW3
— Ki Young Ju (@ki_young_ju) August 8, 2024
The aggregated Bitcoin ($BTC) futures trading volume across the largest centralized exchanges reached unbelievable $154 billion when there was blood on the streets.
In the same day, Bitcoin ($BTC) spot trading volume on major CEXes reached $83 billion, the second-highest level ever registered.
In a discussion with his followers, Ki Young Ju also mentioned that the liquidations volume was not so high. As per CoinGlass, it reached $1.1 billion, which is lower than that of the March 13 crash. It also should be noted that liquidations were 120% higher on Black Friday in 2020 while Bitcoin ($BTC) was 16x cheaper.
Surprisingly, the collapse of Aug. 5, 2024, was brutal for Bitcoin ($BTC) bears. Those who tried to short the falling $BTC lost almost $300 million.
Easiest comeback? Bitcoin ($BTC) over $62,000 again
As U.Today reported previously, Bitcoin ($BTC) plunged below $50,000 for the first time since February amid geopolitical tensions, USD/JPY volatility and alarming U.S. macro economic trends.
However, Bitcoin ($BTC) bulls managed to easily buy this dip out and bring the $BTC price back over $62,000. As noticed by many major analysts, the Bitcoin ($BTC) bull run might be going through 35%-45% healthy corrections every bull cycle.
As of press time, the $BTC price retraced to $60,500 on major spot exchanges. The Fear and Greed Index more than doubled in 24 hours and spiked to the "Neutral" zone at 48/100.