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$700m liquidated as Bitcoin touches $21k amid weekend pump

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Bitcoin briefly surpassed $21,000 on Jan. 13 for the first time since the FTX saga started in early November. After a slight retracement early on Saturday morning, BTC is priced at $20,800 as of press time.

$255m of spot Bitcoin was bought on Jan.13, while the liquidation of $240 million Bitcoin shorts liquidated sent Bitcoin to a high of $21,300.

Across the broader crypto market, there were a total of $721 million in liquidations over the past 24 hours, according to Coinglass data. In addition, a total of 132,021 traders were liquidated, with the most significant liquidation being a $6.84 million short bet against Bitcoin.

Bitcoin Total Liquidations
Bitcoin Total Liquidations / Source: Coinglass

Interestingly, while there have been plenty of BTC purchases over the past day, the volume of Bitcoin leaving exchanges hit an early year-to-date high. Most exchange-purchased Bitcoin was withdrawn almost immediately as $255 million of Bitcoin moved into self-custody.

btc exchange volume
Bitcoin: Net Transfer Volume / Source: Glassnode

Most withdrawals were made in large installments of $1 million and above. Further, the biggest group was those withdrawing over $10 million of BTC, suggesting institutional action.

Bitcoin continued to leave exchanges overnight on Jan. 13 as the total value of Bitcoin held on exchanges dropped to just 2.24 million BTC.

btc exchange balance
Bitcoin Balance on Exchanges / Source: Glassnode

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 10.47% over the past 24 hours. BTC has a market capitalization of $402.53 billion with a 24-hour trading volume of $45.41 billion. Learn more ›

BTCUSD Chart by TradingView

Bitcoin On-Chain Analysis
Market summary

At the time of press, the global cryptocurrency market is valued at at $980.04 billion with a 24-hour volume of $90.55 billion. Bitcoin dominance is currently at 41.07%. Learn more ›

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