2024

Bitcoin

The depth of the Bitcoin market reached a record $600 million, coinciding with Bitcoin’s recent all-time high. 
Experts added that this situation indicates traders are taking profits as the historical maximum is renewed. 
On March 4, open interest in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) perpetual contracts jumped nearly $2 billion to a multi-year high of $15 billion before falling $1.4 billion the next day. Experts concluded that the preservation of financing rates near the peaks indicates the stability of demand for the asset. 
 You might also like: <a href="https://crypto.news/bitcoin-rally-millionaire-wallets/"> Bitcoin’s rally creating millionaire wallets each day </a> 
However, on-chain analysis showed a relatively slow increase in new <a href="https://crypto.news/bitcoin-rally-millionaire-wallets/">Bitcoin millionaires</a>. During the current rally, the daily increase in the holders of the seven-digit dollar bar remained below 2,000. For comparison, in 2021, these rates reached 4,000 wallets for an eight-digit value—2,000 addresses. 
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 Where are the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BTC</a> millionaires? The number of new millionaire wallets has remained below 2k per day, compared with 4k new wallets daily during the last bull run. <a href="https://t.co/Ndc2gcXiXJ" target="_blank">pic.twitter.com/Ndc2gcXiXJ</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1767558682156650529?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 12, 2024</a>
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Kaiko also drew attention to USDT’s achievement of a record <a href="https://crypto.news/tether-usdt-stablecoin-record/">$100 billion</a> capitalization. The peaks did not increase trading activity – turnover remained well below the peak of $661 billion in May 2021, and the share of total volume decreased. 
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 <img loading="lazy" decoding="async" width="1024" height="562" src="https://crypto.news/app/uploads/2024/03/GIdxNakbsAAPhxs-1024x562.jpeg" alt="Kaiko: Bitcoin's all-time high leads to record $600m liquidity depth - 23" class="wp-image-14257669">
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 Source: Kaiko
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Today, Bitcoin <a href="https://crypto.news/bitcoin-new-all-time-high-73000/" target="_blank" rel="noreferrer noopener">tested</a> the $73,000 mark but rolled back to below $72,000, marking the third price jump in the last two days. On March 11, the asset hit its ATH twice, reaching $72,200. 
The volume of liquidations on futures contracts over the past 24 hours exceeds $233 million. 
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Kaiko: Bitcoin’s all-time high leads to record $600m liquidity depth

crypto.news

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