Biggest bitcoin liquidation event since FTX collapse

The latest on-chain data confirms that yesterday marked the date for second largest bitcoin liquidation event in entire history of bitcoin – just after the FTX collapse that happened way back in November of 2022. 

Germany sold $3.5 billion of seized bitcoin and Mt Gox started paying back its creditors as well – $8.5 billion to be exact which they gladly sold since they bot bitcoin at extremely low prices – in three digits back in 2013. This is when Mt Gox incident took place. 

Some say it was all in the charts while some trolled bitcoin as future of money being smashed by just $12 billion dollars. It was just a percent of total bitcoin’s market cap. 

That said, it had horrible effect on altcoins that were in free fall, some down more than 20%, especially the memecoins on Solana and Ethereum. 

Keep in mind that such crashes happened myriad times in past and bitcoin quickly recovered and made it to new all time highs. 

So, no, ETFs are the bag holders and this, $73000 is not most likely the top either. But, if you thought that the market would be able to absorb this amount of bitcoin without crashing – you were wrong.