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Bitcoin Faces Deep Correction
The price of Bitcoin, the leading cryptocurrency, experienced a significant correction from its all-time highs during early Asian trading hours on Friday. Bitcoin is currently trading below $68,000, marking a decrease of nearly 7.5% in the last 24 hours. This price correction led to substantial liquidations, with over $657 million in positions liquidated across the network.
Liquidations Data
- Long positions liquidated: $522 million
- Short positions liquidated: $137 million
- Bitcoin longs liquidated: $216 million
The majority of liquidations occurred on Binance and OKX, with $248 million and $236 million liquidated, respectively.
Ethereum Price Drop
Alongside Bitcoin, the second-largest cryptocurrency by market cap, Ethereum, also experienced a drop below $4,000 today. Currently trading at $3,700, ETH has seen a decline of nearly 7.3% in the last 24 hours.
Bitcoin Spot ETFs Activity
Bitcoin spot ETFs recorded a total net inflow of $132 million on March 14. Notably, Grayscale ETF GBTC witnessed a single-day net outflow of $257 million. The BlackRock ETF IBIT saw the largest single-day net inflow of $345 million on the same day, according to SoSoValue data.
ETF Inflow Details
- IBIT historical net inflow: $12.37 billion
- HODL single-day net inflow: $137 million
- HODL historical net inflow: $364 million
As of the latest data, the total net asset value of Bitcoin spot ETFs stands at $57.86 billion, with an ETF net asset ratio of 4.16%. The cumulative historical net inflow for these ETFs has reached $11.96 billion.
On March 12, Bitcoin spot ETFs saw an impressive $1.05 billion in net inflows, marking the highest single-day net inflow since their launch.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
