2024

Bitcoin

Arkham

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p>Bitcoin (BTC) has <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">surged</a> past the $43,000 mark, a significant increase from its intraday low of $41,735. The top cryptocurrency by market cap, currently valued at approximately $843 billion, experienced a boost in trading volume to the tune of over $13 billion.&nbsp;</p>
<h2 id="reduction-of-grayscale-outflows">Reduction of Grayscale outflows</h2>
<p>Recent activity indicates that outflows from the digital asset management firm <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Grayscale</a> are diminishing. Market intelligence from Arkham points out that Grayscale transferred 6,900 BTC, valued at $289.5 million, to Coinbase, marking a decrease of almost 34% from the previous transfer.&nbsp;</p>
<p>Compared to last week's average daily transfer size of $530.2 million, this represents a decline of over 45%.&nbsp;</p>
<p>The crypto community views this tapering of outflows as a positive signal, with notable analysts like DonAlt spotlighting Bitcoin's capacity to absorb selling pressure, a robust indicator of market strength.</p>
<blockquote>
 <p lang="en" dir="ltr">BTC absorbing selling like a chadOne of my favorite indicators of strength</p>— DonAlt (@CryptoDonAlt) <a href="https://twitter.com/CryptoDonAlt/status/1752000353380286579?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a>
</blockquote>
<h2 id="recent-liquidations">Recent liquidations&nbsp;</h2>
<p>The cryptocurrency market has witnessed significant liquidations, with <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Coinglass</a> data showing that in the last 24 hours, total liquidations amounted to $120.54 million.&nbsp;</p>
<p>Notably, the majority of these were short positions, totaling $63.41 million, as opposed to $57.13 million in long positions. This liquidation trend is also evident in shorter time frames, with $51.71 million liquidated in the last four hours alone, 76.78% of which were short.&nbsp;</p>
<p>Major exchanges like Binance and OKX have contributed to these figures, with short liquidations consistently higher than long across the board. This shows that bearish bets are being squeezed out as Bitcoin's price climbs.</p>

Bitcoin (BTC) Suddenly Reclaims $43,000. Key Reason Why

Table of Contents

U_Today

Other articles published on Jan 29, 2024

Decentralization to Secure Crypto Assets: Interview with Billy Mullins

Shiba Inu: AI Predicts SHIB Price For February 1, 2024

BitcoinCash Weekly News January 29th 2024 by the Bitcoin Cash Foundation

Here’s Why Terra Classic (LUNC) Price Is At Risk Of 30% Fall

Harvest Fund Files for First Bitcoin ETF in Hong Kong, Expected to List After Lunar New Year

Solana Appears to Be ‘Breaking Out From a Descending Parallel Channel’, Analyst Eyes $113 if It C...

Join our free newsletter for daily crypto updates!