While it was a question of whether Bitcoin, which rose to $ 23,900 on Sunday evening, but then fell below $ 23,000, will continue the rally it started, Glassnode evaluated the performance of the largest crypto money.
“The best of the last 15 months…”
It is stated that the price has risen to the highest level since August 2022 with a 43% rise in Bitcoin in January, while this performance is the best monthly performance since November of 2021.
$495 million liquidation
In the review article, which stated that the short position liquidation in the derivative markets always acted as a trigger in such rises, “This rally is not different from the past ones. In January, the 495 million-dollar forward short position contract was liquidated.
Stronger bullish wave than fall from FTX
It was stated that the first wave of liquidations came in the middle of this month and this seriously surprised the investors, while it was informed that 85% of the liquidated positions were short positions and only 15% were long positions. It was noted that this liquidation wave also marked an all-time low in the “long” position liquidation. While it was written that a 75% long position liquidation was seen in the bankruptcy of FTX, it was stated that the wave hardness of the short position liquidation here even passed this process.
