HomeCrypto NewsMarketBitcoin Surges To $21k As Unknown Entity Purchases $4B In BTC Futures

Bitcoin Surges To $21k As Unknown Entity Purchases $4B In BTC Futures


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Bitcoin experiences a massive price surge triggering a short squeeze.

Bitcoin, in the last few hours, has surged above the $20k price point for the first time since early November.

In a tweet today, CryptoQuant chief Ki Young Ju disclosed that within this period, an unknown entity accumulated about $4 billion in BTC futures market orders, triggering $87 million in short liquidations across all exchanges. The massive transaction has left many questioning the identity and motive of this buyer, with many speculating that it is a market maker.

Notably, Bitcoin gained over $1k in price value in a few hours, rising quickly from a little above $19,800 to $21,054, an over 6% price surge. At press time, the asset’s price has cooled to about $20,911.78, but it still represents a 10.92% increase in the last 24 hours.

Coinglass data indicates that there have been $215 million in short BTC liquidations in the past 24 hours.

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Meanwhile, amidst all of these, Santiment Feed, in a tweet today, has highlighted that small whale addresses have rapidly increased in the run-up to the latest Bitcoin breakout. Per details shared in the attached chart, 416 new addresses holding 100 to 1000 BTC have appeared in the last 8 weeks.

As recently highlighted by Dogecoin co-creator Billy Markus, no one can point to a specific reason for the renewed interest in the crypto markets. The latest Bitcoin rally comes after extremely low volatility, with some analysts asserting that Bitcoin was undervalued. 

Duo Nine, a prominent price action analyst, has asserted that a break above $22k will mark the end of the bear market. The analyst made this known in a tweet today in response to the latest price action.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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