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Bitcoin’s Rally to New All-Time High Above $106K Liquidates This Massive Whale
The recent surge in the price of bitcoin has taken many traders by surprise, with a fresh all-time high of over $106,000 being reached. The volatility experienced in the past 12 hours or so has resulted in over $300 million in liquidations across the market, but one particular trade stands out as the largest.
According to data from CoinGlass, it took bitcoin just over ten days to re-establish its presence in the market by skyrocketing to a new all-time high. It went up, down, and up again, leaving many traders in the red. However, the biggest single liquidated position occurred on Binance and involved the BTC/USDT trading pair.
The total value of this trade was an astonishing $19.86 million, which the whale lost during the volatile ride. Although it seems likely that this was a short position, bitcoin did retrace by about two grand immediately after the latest peak, which could raise some doubt on whether it could have been a trader expecting further gains. However, 51% of the liquidations on Binance were for shorts.
In any case, these developments only serve to emphasize that traders should exercise extreme caution when opening over-leveraged positions in the current volatile environment.
Source: cryptopotato.com
