Bitcoin, the world’s largest cryptocurrency, has reached a new milestone, breaking through the $30,000 mark. This marks its highest level since June 2022, and comes after a 24-hour gain of 4.9%. The surge in Bitcoin’s price is likely to attract attention from investors and traders around the world.
Short Orders Dominating Liquidations on the Entire Network
According to data from the cryptocurrency market, over the past 24 hours, there have been liquidations of $116 million on the entire network. Of these liquidations, 96.22% are short orders, indicating that traders were betting against the cryptocurrency. This shows that the market sentiment is currently bearish, despite the surge in Bitcoin’s price.
Ethereum Approaches $2,000 with Significant Gains
In addition to Bitcoin’s surge, Ethereum has also seen a significant increase in value. The cryptocurrency has approached the $2,000 mark, with significant gains in all major term IVs and a large increase in short-term IVs. Ether block trades accounted for over 30% of trades, indicating that there is also strong demand for this cryptocurrency.
Active Buying of Short-Term Calls, But Transactions Remain Fragmented
While active buying of short-term calls was the most common, overall transactions were relatively fragmented. This suggests that market sentiment is relatively calm and has not yet reached the FOMO (fear of missing out) stage. Options data also supports this view, indicating that investors are not yet rushing to buy Bitcoin in large quantities.
The surge in Bitcoin’s price is a positive sign for those who have invested in the cryptocurrency. However, the dominance of short orders in liquidations on the entire network suggests that the market sentiment is still bearish. It will be interesting to see how the market responds in the coming days, and whether Bitcoin’s price will continue to rise or fall.
