According to data from CoinGlass, approximately $102 million in Bitcoin (BTC) short positions were liquidated in the past 24 hours, while an additional $57 million in long positions were also liquidated. During the same time frame, Ethereum only experienced $63 million in liquidations as it regained $3,000.
The volatility in Bitcoin prices comes amid intense selling pressure as the German government dumps Bitcoin and 127,000 creditors await crypto funds from Mt. Goxâs bankruptcy estate.
Despite these recent moves, addresses linked to the German government currently hold more than $1.8 billion worth of Bitcoin, according to Arkham Intelligence. Meanwhile, defunct exchange Mt. Gox began moving billions of dollars worth of Bitcoin in preparation to repay creditors.
The company currently has $7.9 billion worth of Bitcoin in its wallets, according to Arkham Intelligence, and many believe the coins could be sold once sent to creditors to whom it has been owed for a decade.
According to Coinglass, U.S. Bitcoin ETFs saw net inflows of $143 million on Friday, while Hong Kong Bitcoin ETFs saw zero net inflows.
In this difficult week, the Cryptocurrency Fear and Greed Index has fallen to 28, indicating fear, compared with a high of 72 a month ago.