Record $600m Liquidity Depth Achieved as All-Time High Surges
The Bitcoin market has achieved a milestone with a staggering depth of $600 million, coinciding with Bitcoin’s recent all-time high. This development is seen as a sign that traders are capitalizing on the historical peak.
On March 4, the open interest in Bitcoin perpetual contracts experienced a significant increase of nearly $2 billion, reaching a multi-year high of $15 billion. However, it declined by $1.4 billion the following day. Experts believe that the sustained high financing rates indicate a stable demand for the asset.
Despite the ongoing rally, on-chain analysis reveals a relatively gradual rise in the number of new Bitcoin millionaires. The daily increase in holders of seven-digit dollar accounts has remained below 2,000 during this current surge. In comparison, in 2021, the rate reached 4,000 wallets with eight-digit values, amounting to 2,000 addresses.
Additionally, Kaiko has highlighted the achievement of a record $100 billion market capitalization for USDT. However, this milestone did not result in increased trading activity, as the turnover remained significantly below the peak of $661 billion in May 2021, with a decrease in the overall trading volume.
Today, Bitcoin briefly tested the $73,000 mark but retraced below $72,000, marking the third price surge in the past two days. On March 11, the asset reached its all-time high twice, reaching $72,200.
Moreover, the liquidations on futures contracts have exceeded $233 million in the last 24 hours.
It is worth noting that most crypto exchange tokens are lagging behind Bitcoin, as recent data suggests.
Stay updated with the latest news by following us on Google News.
