Flushed 🚽 Although Bitcoin made a new all-time high yesterday, it was brief and soon became a bloody affair. The price of Bitcoin rose to as high as $69,200 before enduring a sudden pullback of 2.9% to the $67K range.
Bitcoin then continued to lose its strength over the next few hours, dropping to as low as $60,810, but has since clawed back to $67K today.
No doubt, such a violent movement led to a flurry of levered positions being liquidated across various CEXs and lending platforms. According to CoinGlass, close to $1.1B worth of longs were liquidated in the past 24 hours, with 27.5% of them made up of Bitcoin positions. However, TradFi money has not slowed down just yet, as the new spot Bitcoin ETFs recorded the second-highest daily inflow since their inception, with net subscriptions of over $648M. Blackrock's IBIT ETF took in $788M, more than doubling the GBTC outflows of Grayscale.
Editor's Take:
Typically, after short, aggressive run-ups with incredibly high funding rates, we tend to see leveraged positions being cleansed out through significant plunges, and this time, it's no different. Users were paying as high as 110% APY to maintain their BTC and ETH long perpetuals, which is unsustainable for continuing upward price movements. With funding rates back to healthier levels, it may not take long for Bitcoin to reach the $69K mark again and go beyond. | 
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