Bitcoin’s price tumbled below $67,000 in the past 24 hours, triggering a wave of liquidations across the cryptocurrency market. The leading digital asset now sits at $65,500, raising concerns among traders and investors.
Blockchain analytics platform Santiment noted on X (formerly Twitter) that Bitcoin has experienced its most significant three-day decline in non-empty wallets since before the asset’s all-time high of $73,000 on March 14.
📊 Bitcoin holders have just had their biggest 3-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number. pic.twitter.com/UIfXLkJ1HH
— Santiment (@santimentfeed) June 18, 2024
Santiment suggests that traders, concerned about potential further price drops, have been liquidating their holdings, contributing to the cryptocurrency’s sluggish performance during the second quarter.
X user Irvine Madula pointed out on X that this has been a low volume quarter, emphasizing that “3rd and 4th quarter are where the magic is.”
Conversely, Santiment also confirmed that Ethereum wallets continue to increase in number, reflecting investors’ bullish sentiment, stating:
“Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number.”
CoinMarketCap data shows Bitcoin down 3.24% in the last seven days but up 147.65% since June last year, while Ethereum has dropped 2.95% and underperformed compared to Bitcoin since June last year, rising by 100%.Furthermore, Coinglass data indicates over $480.97 million was liquidated in the past 24 hours, with $283.82 million liquidated in the past 12 hours. Traders lost a substantial $189.14 million in just the past four hours.
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