Share this article
Bitcoin Slumps as $400M Liquidated in Two Hours
Financial services company Matrixport said it expects the SEC to reject all ETFs applications this month.
Updated Mar 8, 2024, 7:19 p.m. Published Jan 3, 2024, 12:41 p.m.
Bitcoin slid 8% on Wednesday as jitters around the anticipated approval of a spot bitcon [BTC] ETF began to enter the market.
The slump retraced the entire upside move that occurred on Jan. 1, spurring the liquidation of $500 million worth of positions across derivatives exchanges.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"The likelihood of the ETF's passage became less and less likely, and the market saw a stalemate," options analyst GreeksLive wrote on X. "Weakness in crypto mining stocks, and the sell-off in several crypto-related U.S. stocks, also reinforced the market's skepticism."
Last week, Retuers reported that a bitcoin ETF could be approved as soon as "Tuesday or Wednesday," citing sources.
Financial services firm Matrixport rebuffed optimistic expectations, saying: "We believe all applications fall short of a critical requirement that must be met before the SEC approves. This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January."
Following a morning high of $45,500, bitcoin dropped to as low as $40,550 before bouncing back to $42,200. Open interest fell by $2 billion due to liquidations, the dwindling value of BTC and traders reducing exposure on both the long and short side.
Mais para você
O que saber:
- 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.
Mais para você
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
O que saber:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
