Bitcoin Liquidations Surge to $120M During ETF Trading Volatility

Bitcoin experienced extreme volatility after the launch of the first spot Bitcoin exchange-traded fund (ETF) in the United States, with the price jumping to over $49,000 before undergoing a correction and settling at around $46,000. This volatility led to heavy liquidations on the Bitcoin network, with trading positions worth $120 million being liquidated within four hours. Despite this, the approval of spot Bitcoin ETFs is expected to be bullish for the cryptocurrency in the long term, with predictions of significant fund inflows from institutional investors. However, SEC Chair Gary Gensler's statement cautioning investors about the risks associated with Bitcoin and crypto products was criticized by ARK Invest's Cathie Wood.