Bitcoin Hits Record Liquidity Depth of $600 Million Amid All-Time High

Bitcoin Hits Record Liquidity Depth of $600 Million Amid All-Time High

Bitcoin’s liquidity depth surged to a historic high of $600 million, aligning with the cryptocurrency’s recent all-time peak.

Experts note that this development suggests traders are capitalizing on profits as the historical high is surpassed.

On March 4, open interest in Bitcoin (BTC) perpetual contracts soared by nearly $2 billion, reaching a multi-year pinnacle of $15 billion, only to decline by $1.4 billion the following day. Analysts infer that the sustained financing rates near their peaks indicate a stable demand for the asset.

However, on-chain analysis reveals a relatively gradual increase in new Bitcoin millionaires. Despite the ongoing rally, the daily growth in holders of seven-digit dollar balances remained below 2,000. In comparison, during 2021’s surge, these rates soared to 4,000 wallets with eight-digit values—equivalent to 2,000 addresses.

Kaiko also highlights USDT’s achievement of a record $100 billion market capitalization. Despite the milestone, trading activity did not see a significant surge, with turnover remaining well below the peak of $661 billion in May 2021, and the overall volume share diminishing.

Today, Bitcoin tested the $73,000 threshold but retraced below $72,000, marking the third price surge in the past two days. On March 11, the asset achieved its all-time high twice, hitting $72,200.

Liquidation volume on futures contracts over the past 24 hours has surpassed $233 million.

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