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As Bitcoin briefly went down to the $28,955 level and Ethereum dropped to the $1,830 level, a wave of liquidations rolled across multiple crypto exchanges, making traders lose $116 million within an hour, according to data provided by Coinglass.
In the past hour, BTC fell below $29,000, and ETH fell to $1,815. According to Coinglass data, the liquidation volume of the entire network in the past hour exceeded $110 million. https://t.co/YQ6p9AZeYG
— Wu Blockchain (@WuBlockchain) May 26, 2022
Bitcoin positions liquidated total over $41 million. The largest amount of long liquidations were spotted on Bitfinex ($28.98 million), Okex ($44.68 million) and Binance ($22.47 million).
A liquidation takes place automatically when a trader loses their initial margin on a position.
By now, the leading digital currency has recovered to $29,191, and Ethereum is changing hands at $1,841.
As Bitcoin keeps holding in the $29,000 zone, Santiment has tweeted that a certain number of major whale wallets keep going up.
These addresses contain between 100 BTC and 1,000 BTC. These wallets have been acquiring more Bitcoin since late January, when the price plummeted to the $33,500 area. Compared to three months ago, nearly 190 new wallets have been added here.
From the historical point of view, Santiment says, the rising amount of this type of BTC address shows a correlation with the price as both begin to go up.
🐳 As #Bitcoin continues treading water at $29.6k, the amount of key whale addresses (holding 100 to 1k $BTC) continues rising after the massive dumping from late January. We've historically seen a correlation between price & this tier's address quantity. https://t.co/SZ7A4WaD29 pic.twitter.com/nDmdGzFAXV
— Santiment (@santimentfeed) May 25, 2022