Bitcoin’s brief rally to $49k and subsequent decline to $46k liquidates $100M in 4 hours
Summary
Bitcoin surged above $49,000 after the launch of the first spot BTC exchange-traded funds in the US, but then dropped almost 4% within an hour, resulting in the liquidation of over $50 million in trading positions. The newly launched ETFs attracted massive attention, with trading volume exceeding $2.3 billion, and some ETFs ranked among the top 10 in trading volume. At the time of press, Bitcoin's market cap was $900.03 billion with a 24-hour trading volume of $62.19 billion. The global cryptocurrency market was valued at $1.76 trillion with a 24-hour volume of $139.36 billion, and Bitcoin dominance was at 51.19%.
