The biggest digital coin by market capitalization is losing out on the Bitcoin (BTC) price: more than $79 million has been lost in BTC short positions in the last 24 hours.
That's according to data from analytics firm CoinGlass, and looking at shorts across all cryptocurrencies, $147 million of positions were liquidated over the same period.
Short contracts are derivative contracts that allow investors to bet that an asset's price will decline. If the short is liquidated, the trader's bet is lost and their position is closed.
BTC has flown into large crypto investment products—mainly 10 BTC exchange-traded funds (ETFs)—following capital inflows over the past two weeks.
The new Bitcoin ETFs received the green light from the US Securities and Exchange Commission on January 10. Since then, a lot of capital has flowed into the funds – giving investors exposure to the biggest digital asset – and helped boost the value of BTC.
According to a CoinShares report on Monday, $1.1 billion was invested in digital assets last week.
Bitcoin is now trading at $51,680, up more than 6% over the past day. Last week, the so-called “digital gold” coin increased by 20% in a week. However, it is down 25% from its all-time high of $69,044 in November 2021.
Edited by Andrew Hayward.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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