finance
Bitcoin Briefly Tops $80,000 as Crypto Market Sees $205M in Liquidations and Major ETF Outflows
Bitcoin climbed above $80,000 while major cryptocurrencies traded mixed. More than 80,000 traders were liquidated over 24 hours amid net outflows from spot Bitcoin and Ethereum ETFs. Bitcoin also lost 245,000 holders in five days, according to on-chain data.
May 8, 3:27 PM·1m read1 source
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Bitcoin rose above $80,000 on Friday as lingering tensions in the Middle East provided support for the leading cryptocurrency, Benzinga reported. The price of Bitcoin reached $80,028. 00006419.
98 million. The sharp price swings across major tokens contributed to the widespread liquidations. 5 million on Thursday, according to SoSoValue data.
5 million on the same day. Ondo, Siren and Celestia ranked among the top gainers in the past 24 hours even as many established cryptocurrencies traded flat. The selective buying highlighted uneven sentiment across the broader market.
Bitcoin lost 245,000 holders in five days, according to on-chain metrics. Despite the decline in addresses holding the asset, some analysts view such consolidation as potentially bullish by removing weaker hands from the network. The moves come as Ethereum, XRP and Dogecoin showed little directional movement on Friday.
Shiba Inu similarly remained range-bound near its recent levels. Benzinga reported that the cryptocurrency market has displayed resilience above key psychological levels even as traditional risk assets react to geopolitical developments. The $80,000 threshold for Bitcoin had been tested multiple times in recent weeks before the latest push higher.
Market participants continue to monitor ETF flows closely after Thursday's combined outflows exceeded $380 million across Bitcoin and Ethereum products. The liquidation cascade of nearly $205 million in 24 hours underscored elevated leverage still present in derivatives markets.
