Bitcoin BTC dumped nearly $2,400 this morning after setting an all-time high of $67,000 last night, data from multiple sources showed.
The all-time high break came on the back of a futures exchange-traded fund ETF that went live on Tuesday and saw over $500 million worth of Bitcoin exposure on the first day of its trading.
But traders stepped in this morning to take profits on their gains — sending Bitcoin down by several hundreds of dollars.
Starting late last night, Bitcoin saw a sell-off from the $66,964 price level to as low as $64,100 this morning. It saw support at its 34 period moving average — an indicator used by traders to identify market trends based on historical movements — with traders keeping the asset above the $64,800 price level in the past hours.
The move caused over $220 million worth of futures liquidations, data from analytics tool Bybt shows. Liquidations, for the uninitiated, occur when leveraged positions are automatically closed out by exchanges brokerages as a safety mechanism.
The largest single liquidation order happened on Bitmex, a Bitcoin trade valued at $10 million. 66% of all liquidations took place on shorts, or traders betting against rising prices, with crypto exchange FTX accounting for $58 million in Bitcoin futures liquidations alone.
Meanwhile, the Bitcoin sell-off put a brief stop to what was a green surge across the crypto markets last night.
Ethereum jumped 8.9% in the past day to over $4,191 this morning, just $125 away from its May 2021 all-time high. Competitors Solana and Cardano saw gains of 17% and 7% respectively, with digital silver Litecoin seeing a 12% price increase.