Bitcoin rebounded after hitting a low of $60,160 yesterday, and hit a high of $62,400 late at night. However, selling pressure then emerged, and it fell below the US$60,000 mark near 4 o'clock this morning, with the lowest price at US$59,974.
Before the deadline, BTC was continuing to rebound, now trading at US$61,056, and the decline in the past 24 hours had narrowed to 0.48%; Ethereum had a lowest price of US$2,351 in the morning, and was now trading at US$2,387, with a decline of 3.42% in the past 24 hours and continued decline.
Bitcoin OTC balance hits new high in more than two years
On the other hand, data from the data analysis platform CryptoQuant pointed out that the Bitcoin balance of miners in the OTC over-the-counter market has reached a new high since June 2022. It has increased from 215,000 BTC in June this year to more than 400,000 BTC currently.
CryptoQuant said that miners choose to sell Bitcoin through OTC OTC transactions because they seek "better execution prices." The OTC market is more liquid and they want to avoid selling directly through cryptocurrency exchanges because that will significantly impact the price of Bitcoin.
But it is worth noting that historically, a sharp increase in miners' Bitcoin balances in the OTC market will usually indicate a sharp decline in Bitcoin.
The entire network was liquidated to US$240 million
According to Glassnode data, the liquidation amount of contracts across the entire network in the past 24 hours exceeded US$240 million, of which long positions liquidated more than US$180 million, and a total of more than 87,000 people were liquidated.
Although the liquidation amount has eased compared with yesterday, the current market changes are fierce, so investors are advised to pay attention to the risks.
U.S. stocks are little volatile
As investors worry about the escalation of war in the Middle East, tens of thousands of workers at 14 major ports on the East Coast and Gulf Coast of the United States have gone on strike. They are also waiting for the U.S. non-farm payrolls data for September to be released this week. In addition to the gains, the three major U.S. stock indexes closed slightly higher.
- The Dow Jones Industrial Average rose 39.55 points, or 0.09%, to close at 42,196.52 points
- The S&P 500 rose 0.79 points, or 0.01%, to close at 5,709.54 points
- The Nasdaq rose 14.76 points, or 0.08%, to close at 17,925.12 points
- The Philadelphia Semiconductor Index rose 74.26 points, or 1.48%, to close at 5,099.20 points.
