Bitcoin had a rough Wednesday, starting the day above $62,000 but quickly falling to an intraday low of $60,541. The market turmoil didn't stop there, as more than $40 million in bitcoin long positions were wiped out. In the broader cryptocurrency space, both long and short positions saw liquidations totaling $169.45 million in the past 24 hours.
$40 Million Bitcoin Longs Liquidated as Coinbase Premium Gap Hits -$48.4
As of 7:35 p.m. ET on Wednesday, the overall cryptocurrency market was valued at $2.13 trillion, marking a slight 1% decline on the day. Bitcoin (BTC) was down nearly 2%, while ethereum (ETH) was down about 1%.
Market analyst Maartunn, sharing data from cryptoquant.com, provided a key insight, noting a day earlier that “Coinbase Premium dropped to -$41, signaling strong selling pressure from US institutions.”
As of Wednesday, Cryptoquant data shows the Coinbase Premium Gap has widened to -$48.4. The index, Coinbase Premium, tracks the bitcoin price difference between Coinbase Pro (USD pair) and Binance (USDT pair).
Higher premiums indicate active buying activity on Coinbase, while lower premiums can signal selling activity or low activity. Cryptoquant data also highlights that in South Korea, premiums have turned negative again over the past week.
This is not the first time the price has dropped. It happened twice in September, reaching a 1.15% drop on September 25. Another drop occurred on October 5, although this time it was only 0.11%. Currently, there is a slight increase of 0.8%, still below 1%.
These shifting premiums and market trends reflect a subtle shift between institutional investors and the broader digital asset environment. As prices continue to fluctuate, global sentiment and ongoing uncertainty continue to shape the cryptocurrency market.
What do you think about Wednesday's bitcoin price swings and the Coinbase Premium Gap drop? Share your thoughts and opinions on the topic in the comments section below.
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