- Bitcoin experienced a brief surge near $90,000 but fell to $82,424 within hours, down 5.33% in 24 hours
- Nearly $456 million in Bitcoin liquidations occurred, with $388.66 million in long positions and $67.46 million in short positions
- 8,007 BTC aged 3 to 5 years moved on-chain, indicating longtime holders may be selling amidst a potential bear market
Following a short-lived surge near the $90,000 level this morning, Bitcoin went back to the losing bracket a couple of hours after.
The world’s largest cryptocurrency began the day trading at around $89,013, reaching a daily peak of $89,277 in the early hours of the morning. However – around 9 AM (UTC) – the asset tumbled once again, reaching as low as $82,424 by 5:20 PM.
Overall, Bitcoin is down by 5.33% over the last 24 hours, according to CoinMarketCap Its market capitalization is currently at around $1.66 trillion, with a daily trading volume averaging $64 billion.
Nearly half a billion dollars in Bitcoin was liquidated from the market on February 26, as revealed by Coinglass. Precisely, $456 million was wiped out due to a significant drop in Bitcoin prices. Of this total, $388.66 million were long positions, which were forced to sell as prices plummeted. Meanwhile, $67.46 million in short positions were liquidated as prices unexpectedly rose.
8,007 BTC Aged 3 to 5 Years On The Move
CryptoQuant analyst and an overall good bloke Ja Maartun revealed that 8,007 BTC that was dormant for 3 to 5 years has recently moved for the first time.
To get a hold of this data, Maartun used the Bitcoin Spent Output Age Bands (SOAB) chart. The SOAB is a metric used to analyze transactions basing spent coins per age, helping understand the activity levels of different age bands.
While this data does not identify if the Bitcoin was sold, or even if they were from one single whale—it highlights a potential trend of longtime holders to let go of their holdings amidst a potential bear market.
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