Share this article
Bitcoin Jumps to $30K, Then Dumps, as False Spot ETF Approval Report Circulates
CoinGlass data shows that $72 million worth of short positions were liquidated on the move to $30,000 and $31 million in longs were liquidated during the correction.
Updated Oct 17, 2023, 3:09 p.m. Published Oct 16, 2023, 1:57 p.m.
Bitcoin surged from $27,900 to $30,000 after a false report of a spot ETF approval was posted on social app X, formerly Twitter, leading to nearly $100 million in liquidations in the past hour.
The false post was deleted after nearly 30 minutes but sparked enough interactions to impact prices significantly. Bitcoin has since fallen from $30,000 to $28,000 following skepticism from analysts and reporters. BlackRock confirmed to CoinDesk that the report is false.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
CoinGlass data shows that $81 million worth of short positions, or bets against higher prices, were liquidated on the move to $30,000, and $31 million in longs, or bets on higher prices, were liquidated during the correction. Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
The SEC website shows no approvals for a spot bitcoin ETF. Bloomberg also reported that the BlackRock application is still under review.
We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
— Cointelegraph (@Cointelegraph) October 16, 2023
An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is…
It was reported last week that the SEC won't appeal the loss in its case against Grayscale, which is thought to boost the chances of GBTC eventually being converted to a spot ETF. Bitcoin rose 4% in Asian morning hours on Monday, a continuation of Friday’s reaction to the U.S. Securities and Exchange Commission (SEC) decision to not appeal to a recent Grayscale ruling.
Grayscale is a sister company of CoinDesk.
UPDATE (October 16, 2:23 UTC): Adds details throughout.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
