Nearly $400M in crypto liquidations over 24 hours pushes Bitcoin above $23k

Quick Take:

• The crypto market has recorded nearly $400 million in liquidations in the past 24 hours. BTC briefly surpassed $23k.
• Almost $500 million in BTC has been taken off exchanges in the past 24 hours.
• Only 11.7% of all BTC supply now sits on exchanges, the lowest amount since December 2017.
• Almost $500 million in Bitcoin has been withdrawn from exchanges.
• However, Ethereum has only seen around $100 million withdrawn from exchanges in the past 24 hours.
• ETH has a higher beta than BTC, fuelled by cheap leverage.

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