$700M Liquidated As Bitcoin Touches $21k Amid Pump Weekend

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Bitcoin briefly broke above $21,000 on January 13 for the first time since the FTX saga began in early November. After a slight pullback early on Saturday morning, BTC is priced at $20,800 at press time.

$255 million worth of spot Bitcoin was bought on Jan. 13, while the liquidation of $240 million in cleared Bitcoin shorts sent Bitcoin to a high of $21,300.

In the broader crypto market, there was a total of $721 million in liquidations in the last 24 hours, according to data from Coinglass. Additionally, a total of 132,021 traders were liquidated, with the most significant liquidation being a $6.84 million short bet against Bitcoin.

Total Bitcoin Liquidations
Total Bitcoin Liquidations / Source: Coinglass

Interestingly, while there have been plenty of BTC buys over the past day, the volume of Bitcoin leaving exchanges hit an early year-to-date high. Most of the Bitcoin purchased on the exchange was withdrawn almost immediately as $255 million of Bitcoin went into self-custody.

btc exchange volume
Bitcoin: Net transfer volume / Source: Glassnode

Most of the withdrawals were made in large installments of $1 million or more. Furthermore, the largest group were those who withdrew more than $10 million worth of BTC, suggesting institutional action.

Bitcoin continued to leave exchanges overnight on January 13, as the total value of Bitcoin held on exchanges dropped to just 2.24 million BTC.

btc exchange balance
Bitcoin balance on Exchanges / Source: Glassnode

At the time of publication, Bitcoin ranks #1 by market capitalization and the price of BTC is until 10.47% during the last 24 hours. BTC has a market capitalization of $402.53 billion with a volume of operations of 24 hours of $45.41 billion. Learn more >

BTCUSD Chart by TradingView

Bitcoin on-chain analysis
Market Summary

At press time, the global cryptocurrency market is valued at $980.04 billion with a volume of 24 hours of $90.55 billion. Bitcoin dominance is currently in 41.07%. Learn more >

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