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Bitcoin Tumbles Back Below $30K as Bullish Momentum Wanes
Over $200 million in positions have been liquidated following a second sharp drop for bitcoin in seven days.
Updated May 11, 2023, 5:07 p.m. Published Jun 7, 2022, 7:48 a.m.
Bitcoin fell 5.58% in the last few hours and is currently trading at $29,500 after the daily candle close.
- The move mimicked the price action on June 1 when the world's largest cryptocurrency tumbled from $32,000 to below $30,000.
- Despite the drop, bitcoin remains in a relatively tight trading range of $32,000 to $28,000, with price rarely deviating since early May.
- The lack of volatility has translated to a slight decline in trading volume, with bitcoin rarely exceeding $30 billion in daily volume.
- More than $218 million worth of positions on derivative exchanges have been liquidated in the past 24 hours, according to Coinglass.
- The cryptocurrency once again showed positive correlation to equities during the sell-off, as Nasdaq futures experienced a 0.95% decline at the same time as bitcoin's plunge from $31,600 to $29,000.
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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.
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Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
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