The recent Bitcoin (BTC) plunge below $50,000 triggered an impressive spike in trading activity accompanied by painful 10-digit liquidations. Both futures and spot trading metrics soared to record-breaking numbers.
Bitcoin (BTC) hits records amid bloodbath
Bitcoin (BTC), the largest cryptocurrency, hit a new all-time-high in futures trading volume during its plunge below $50,000. Such statement was shared by Ki Young Ju, the founder and CEO of on-chain analytical team CryptoQuant, with his 361,000 followers on X.
On the day #Bitcoin dropped to $50K, futures trading volume hit an ATH of $154B, and spot trading volume reached $83B, the second-highest ever. pic.twitter.com/TJLUaSXuW3
— Ki Young Ju (@ki_young_ju) August 8, 2024
The aggregated Bitcoin (BTC) futures trading volume across the largest centralized exchanges reached unbelievable $154 billion when there was blood on the streets.
In the same day, Bitcoin (BTC) spot trading volume on major CEXes reached $83 billion, the second-highest level ever registered.
In a discussion with his followers, Ki Young Ju also mentioned that the liquidations volume was not so high. As per CoinGlass, it reached $1.1 billion, which is lower than that of the March 13 crash. It also should be noted that liquidations were 120% higher on Black Friday in 2020 while Bitcoin (BTC) was 16x cheaper.
Surprisingly, the collapse of Aug. 5, 2024, was brutal for Bitcoin (BTC) bears. Those who tried to short the falling BTC lost almost $300 million.
Easiest comeback? Bitcoin (BTC) over $62,000 again
As U.Today reported previously, Bitcoin (BTC) plunged below $50,000 for the first time since February amid geopolitical tensions, USD/JPY volatility and alarming U.S. macro economic trends.
However, Bitcoin (BTC) bulls managed to easily buy this dip out and bring the BTC price back over $62,000. As noticed by many major analysts, the Bitcoin (BTC) bull run might be going through 35%-45% healthy corrections every bull cycle.
As of press time, the BTC price retraced to $60,500 on major spot exchanges. The Fear and Greed Index more than doubled in 24 hours and spiked to the “Neutral” zone at 48/100.
