Bitcoin hits 64K, Ethereum challenges 3500, both longs and shorts find it difficult to avoid liquidation in the volatile market.

On Monday, Bitcoin was hovering around $50,000, but unexpectedly surged in the past few days, reaching as high as $64,000 last night, getting closer to the all-time high of $69,000! ETH rose by 4.2% in the last 24 hours and also attempted to break $3,500 yesterday but failed. However, during this process, the market also witnessed intense volatility with a total of $7.3 billion in liquidations in the cryptocurrency market over the past 24 hours, causing difficulties for both long and short positions.

Bitcoin ETF Trading Hits New Highs

According to a report by CoinShares, the spot Bitcoin ETFs require 2,800 Bitcoins per day, while only 900 are being mined during the same period. This has led to a 28% decrease in exchange holdings since 2020, indicating a significant demand shock in the market.

Bloomberg ETF analyst Eric Balchunas also tweeted that the spot Bitcoin ETF set a new record on Wednesday with a daily trading volume exceeding $6 billion. BlackRock led with $3.3 billion, followed by Fidelity with $1.4 billion, and the total number of trades doubled, with over 500,000 transactions recorded. BlackRock's IBIT alone surpassed the popular tech ETF QQQ.

RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. $IBIT led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. $IBIT alone > $QQQ. pic.twitter.com/ZzB5PWXA4f

— Eric Balchunas (@EricBalchunas) February 28, 2024

Market Volatility Leads to Liquidations on Both Sides

According to data from Coinglass, the cryptocurrency market saw $730 million in liquidations in the past 24 hours, with long positions accounting for $338 million and short positions for $392 million. By currency, BTC accounted for $285 million and ETH for $114 million. Nearly 180,000 people were liquidated.

The market greed index has reached 82.

Top 10 Cryptocurrencies Performance

Except for XRP and TRX, the top 10 cryptocurrencies have shown decent gains in the past 24 hours.

ETH rose by 4.2% in the last 24 hours, briefly challenging but failing to surpass $3,500; BNB rose by 5.3%; SOL also surged by 8.3%; in addition, the meme coin Dogecoin, led a wave of meme coins' gains, surpassing AVAX to become the seventh largest by market capitalization, with an impressive weekly gain of 38.4%.