During a 24-hour observation period, it was observed that $138.57 million worth of positions were liquidated, with $120.17 million in long positions and $18.40 million in short positions.
CoinGlass has noted several developments in both the on-chain and derivatives sectors that indicate a substantial number of Bitcoin traders were speculating and saw the ETF approval as an “opportunity to sell the news.”
Within the 12 days since the approval of the ETF, Bitcoin’s market value has dropped by more than 17%, declining from over $48,000 to $40,500.
Shortly after the approval of Bitcoin spot ETFs on January 10, the asset’s price skyrocketed above $48,000 before experiencing a sharp decline to around $43,000. Now, analysts are predicting further declines for BTC, potentially below the $40,000 threshold.