Benzinga - Bitcoin (CRYPTO: BTC) has surged past the $30,000 threshold in the last 24 hours, marking a return to the “greed buy zone.”
What Happened: This follows the recent moves by investment companies, such as Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock, to apply for spot Bitcoin exchange-traded funds (ETF) with the Securities Exchange Commission (SEC).
According to the Crypto Fear & Greed Index, the market sentiment for Bitcoin is at 65 points, indicating a “greed” mentality among investors.
The index consolidates complex data sets into a straightforward meter ranging from 0 to 100, where zero means “Extreme Fear” and 100 represents “Extreme Greed.”
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Why It Matters: In the past 24 hours, 61,723 traders faced liquidation, with the total liquidations amounting to $215.77 million.
The largest single liquidation order took place on Bitmex, with a value of $9.30 million.
Bitcoin shorts worth $66 million also faced liquidation, contributing to the total crypto shorts valued at $162 million.
Crypto shorts in trading are positions where investors borrow a cryptocurrency, sell it, and then attempt to buy it back later at a lower price to make a profit.
According to Cameron Winklevoss, the co-founder of the Gemini cryptocurrency exchange, the “Great Accumulation” of Bitcoin is currently underway among both retail investors and institutions. Winklevoss pointed out on Twitter that purchasing Bitcoin before ETFs are available to the public is akin to investing in a pre-IPO offering, and that the window of opportunity for buying Bitcoin is rapidly closing.
The Great Accumulation of bitcoin has begun. Anyone watching the flurry of ETF filings understands the window to purchase pre-IPO bitcoin before ETFs go live and open the floodgates is closing fast. If bitcoin was the most obvious and best investment of the previous decade, this…— Cameron Winklevoss (@cameron) June 21, 2023
Price Action: At the time of writing, BTC was trading at $30,330.69, up 5.43% in the last 24 hours, according to Benzinga Pro.
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