- Cryptocurrency liquidations have surpassed half a billion dollars.
- Blackrock seeks to purchase more BTC ETFs while Ark Invest offloads Coinbase shares.
- The market displays bullish sentiment with Bitcoin rising to historically high levels.
While the cryptocurrency market capitalization and most of the top cryptocurrencies have been trending upward, cryptocurrency liquidations have surpassed half a billion dollars.
Coinglass data indicates that in the last 24 hours, there have been $567 million worth of cryptocurrency liquidations overall. Long holdings have lost $250.92 million in digital currency, while short ones have lost $316.83 million.
Roughly $172 million of the liquidations may be attributed to Bitcoin (BTC) alone, with $112 million coming from short positions and $60 million from long-position trades. The liquidations occurred as Bitcoin just reached $68,760, a level last seen in November 2021, a 28-month high.
Ark Invest Offloads Coinbase Shares
Cathie Wood’s Ark Invest sold around $31 million worth of Coinbase shares as the cryptocurrency got close to hitting a new record high on March 4—roughly $69,000.
With a $30.88 million transaction value, the investment manager sold 134,749 Coinbase shares across three of its exchange-traded funds (ETFs): Ark Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW), and ARK Innovation ETF (ARKK).
Coinbase shares saw a sharp rise after the sale, increasing 11.4% to $229.15 in regular trading during the day and 3.8% more in after-hours trading.
The spike in Bitcoin prices was associated with an increase in Coinbase shares. According to a recent allegation, Coinbase went through a major disruption as a result of increased traffic when Bitcoin hit $67,000. During this period, users reported seeing erroneous balances. Despite their precautions, Coinbase’s CEO, Brian Armstrong, admitted that the volume exceeded their expectations.
BlackRock remains interested in Bitcoin ETFs
Meanwhile, to purchase more Bitcoin (BTC) exchange-traded funds (ETFs), financial behemoth BlackRock has submitted a new application to the Securities and Exchange Commission (SEC).
In an updated filing, BlackRock stated that it intends to purchase further Bitcoin ETFs for its Strategic Income Opportunities Fund on the website of the regulatory body.
As of right now, BlackRock’s fund—which trades under the ticker name IBIT—is thought to be the best-performing fund available. It represents almost 50% of the market’s overall trading volume for spot BTC-ETFs. Data from March 5th shows that assets under management (AUM) at BlackRock IBIT surpassed $11 billion, with trading volume reaching $2.4 billion.
However, Ethereum ETFs are a different ball game altogether. The US Securities and Exchange Commission (SEC) has postponed deciding whether to accept or reject the spot Ether ticker down $3,689 exchange-traded funds (ETFs) from BlackRock and Fidelity.
The SEC indicated in two different filings on March 4th that it would postpone deciding on the applications filed by Fidelity for its Ethereum Fund and BlackRock for its iShares Ethereum Trust.
The SEC first postponed deciding on the Ether ETF applications from BlackRock and Fidelity in January, just after approving the launch of a list of spot Bitcoin (BTC) ETFs. Before rendering a final decision, the SEC may postpone it for a maximum of three times.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
