Bitcoin surged above $62,000 on Thursday, reaching a daily high of $62,137 as whales accumulated 270,000 BTC at approximately $59,000. The rally triggered over $130 million in short position liquidations within 24 hours, flipping the derivatives market script after Bitcoin tested a year-to-date low of $57,735 some 48 hours earlier. Crypto analyst Scott Melker described the whale accumulation as the largest single on-chain spike ever recorded, surpassing levels seen during the COVID and FTX market bottoms.
Whales Accumulate 270,000 BTC at $59,000 Price Level
On-chain data revealed a whale accumulation spike of 270,000 Bitcoin at roughly $59,000. Scott Melker noted this represents "the largest single accumulation spike ever recorded on-chain. Bigger than the COVID bottom. Bigger than the FTX bottom." Melker acknowledged that spot Bitcoin ETFs suffered a dismal June with $4.5 billion in net outflows. However, he argued that whales who took profits above $120,000 are now aggressively rebuying. "This is something we tend to see at the bottom of markets and not at the top," Melker added.
Short Liquidations Reach $130 Million in 24-Hour Period
According to Coinglass data, approximately $130 million in short Bitcoin positions were wiped out in a 24-hour window, compared with $50 million in long bets. Overall, the crypto economy saw over $606 million in leveraged positions liquidated, with short bets accounting for nearly $400 million of the total. Bitcoin's market capitalization jumped from over $1.2 trillion to nearly $1.24 trillion, helping lift the aggregate crypto economy to $2.2 trillion.
Bitcoin Maintains Position Above $60,000 Mark
Market data showed Bitcoin largely held above the $60,000 mark since erasing earlier losses. By Wednesday evening, it offered the first hint that buyers were piling in after testing the $61,000 threshold. Although Bitcoin slipped below $60,000 a few hours later, it quickly recovered to momentarily breach the $61,000 mark again. At around 3:55 a.m. EST, the top cryptocurrency launched a rally that peaked at a daily high of $62,137. Despite later retreating to around $61,600 by 1:36 p.m. EST, it remained up 3% over the 24-hour period.
Analysts Debate Market Bottom Amid Macro Concerns
Crypto analyst Aralez projected that a worsening global environment and a downturn in the broader equities market—specifically the S&P 500—could trigger a wave of panic, keeping sentiment firmly negative and potentially creating deeper volatility before a true recovery cycle takes root. This cautious outlook contrasts with Melker's view that the whale accumulation pattern historically signals a market floor.
FAQ
What price did Bitcoin reach on Thursday?
Bitcoin reached a daily high of $62,137 on Thursday, up 3% over the 24-hour period, after testing a year-to-date low of $57,735 some 48 hours earlier.
How much Bitcoin did whales accumulate at $59,000?
Whales accumulated 270,000 BTC at approximately $59,000, which Scott Melker described as the largest single accumulation spike ever recorded on-chain, surpassing levels seen during the COVID and FTX market bottoms.
How much were short positions liquidated in the 24-hour period?
Approximately $130 million in short Bitcoin positions were liquidated in a 24-hour window, compared with $50 million in long positions, according to Coinglass data.
