Bitcoin return to $71K would wipe $1.38B shorts!
$BTC
On June 7, Bitcoin dropped 3.33% to $68,507 before slightly recovering above its key level of $69,000, amid broader macroeconomic uncertainty triggered by the United States Employment Situation Summary Report, which revealed more job growth than expected during May.
The market plunge led to a $409.51 million wipe out of short and long positions across the board, according to CoinGlass data. Of that, $56.71 million were long positions in Bitcoin.
- Traders heavily lean towards shorting Bitcoin.
So much so, if Bitcoin returns to $71,000, it would result in the wiping out of $1.38 billion in long positions, indicating that futures traders areanticipate further price declines.
NOTE:: This comes after investors have been curious as to why Bitcoin's price hasn't surpassed its March all-time highs lately, especially given the 19-day streak of positive inflows into Bitcoin exchange-traded funds (ETFs).
