The world’s largest cryptocurrency Bitcoin witnessed another major weekend of a bloodbath as the BTC price took a dive under $18,000 for the first time. There have been major liquidations taking place with long-term Bitcoin holders dropping the towel and giving up.
As per on-chain data Glassnode, there have been Bitcoin liquidations to the tune of $2.42 Billion every day, for the last three consecutive days. The data provider noted:
“The last three consecutive days have been the largest USD denominated Realized Loss in Bitcoin history. Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices”.
source:Glassnode
Furthermore, in the last three days, more than 555K Bitcoins have changed hands in the price range between $18,000-$23,000. Interestingly, long-term holders holding BTC for 1yr+, who accumulated coins in H1 2021 or earlier, started panicking, flooding the exchanges with 20K to 36K Bitcoins every single day.
However, there are still some long-term holders in the market who took advantage of this plunge to earn more than 2000% return. How did they make it? If you want to know the answer, then you have to understand one of the most popular investment methods at present: 100 times leveraged futures trading cryptocurrency.
What Is the Difference Between It and the Spot?
The traditional spot can only buy up and wait for the rise to make a profit. With 100 times leveraged futures trading, you can either buy up (go long) or sell down (go short), which means that you can take profits whether the market rises or falls. What’s more, you have 100 times leverage to magnify your profits.
How 100x Leverage Works?
With 100x leverage applied, traders can invest 1 BTC to open a position worth 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down). If we use 1 BTC to open a short perpetual contract at the price of $22,000 and close it when Bitcoin is trading at $17,000, our profit will be ($22,000- $17,000) * 100 BTC / $17,000 ≈ 29.41 BTC, making the ROI of 2275%.
According to the data provided by Bitwells, on June 18, 2022, more than 3,000 traders in the exchange made profits in the plunge, the highest ROI was 1366%, and the average ROI of the top 100 traders was 489%
Bitwells is a leading crypto derivatives trading platform offering 100x leverage futures trading on various trading pairs: BTC, ETH, LTC, EOS, XRP, etc. Bitwells doesn’t require KYC and is popular among over 300K traders from 200+ countries/regions. In addition, the platform is safe for being accredited by U.S. FinCEN MSB (Money Services Business).
Join Bitwells, You Can Enjoy:
> 100% Bonus for your every deposit.
> Demo account with 10 BTC to practice trading without risks.
> No KYC requirement, registration with Email within a few minutes.
> Android and iOS App to trade anywhere, anytime.
> 7/24 hours 1v1 customer support available.
Click here to Join Bitwells in your 30s with No KYC now, and start the journey to great fortune.
Was this writing helpful?
Source: https://coinpedia.org/press-release/over-100k-btc-holders-have-given-up-in-the-past-three-days/