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.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.
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