Traders liquidated their profits as soon as Bitcoin reached its all-time high today, withdrawing over $142 million in an hour.
The leading cryptocurrency reached its all-time high of $69,000 today after rallying over 50% throughout February. Today marked Bitcoin’s highest price since November 2021, just a month away from the impending coin’s halving.
According to spot market data, traders did not wait to cash in on profits, as more than $142 million was swapped for USDT on Binance alone. This indicates that short-term traders feared a correction, as the market rallied consistently for the last two weeks. Following this liquidation, BTC dropped nearly 5% in an hour and currently trades below $65,000.
The liquidation wasn’t exclusive to Bitcoin, as the overall crypto market saw more than $720 million liquidated since BTC hit its peak. Ethereum also dropped to $3,600 after reaching over $3,800 earlier today.
Memecoins suffered the sharp end of this liquidation, as leading tokens like BONK, Dogwifhat (WIF), and FLOKI have been down by over 15% since yesterday. The three meme tokens have seen massive rallies over the past months, surging over 100% in a week.