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The Bitcoin (BTC) 
$104,177 market is currently presenting a different scenario regarding liquidations compared to previous bullish periods. According to Matrixport, despite daily liquidations reaching up to 600 million dollars, prices are demonstrating greater stability compared to the sharp fluctuations seen in 2020 and 2021. This difference is attributed to a decrease in leveraged trading and a more conscious use of stop-loss strategies by traders. Additionally, the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) is considered a contributing factor to the market’s stronger foundation.
Liquidations Increase While Prices Stay Steady
Although liquidations in Bitcoin and Ethereum (ETH) 
$2,493 occasionally exceed 600 million dollars, price movements are significantly more stable. This suggests a potential reduction in the market’s leverage ratio. Unlike the sharp declines during the bullish periods of 2020 and 2021, prices are now able to establish a certain floor.
Matrixport also notes that traders’ more deliberate setting of stop-loss orders is reducing sudden price movements. While liquidations may create selling pressure in the market, the downward movement of prices remains limited. Furthermore, it is believed that the approval of spot Bitcoin ETFs is enhancing market confidence and encouraging investors to remain committed to long-term positions.
Differences Between the Current Cycle and the 2020/2021 Bull Market
In the past, the possibility of Bitcoin “falling to zero” would panic some investors. However, this scenario is no longer a concern today. The approval of Bitcoin ETFs and the entry of new institutional investors are helping maintain market balance, resulting in increased stability.
The reduction of high-leverage positions is also mitigating volatility caused by liquidations. In the past, significant liquidations often led to panic selling, whereas now, price movements are occurring in a more controlled manner.
According to Matrixport, the new dynamics in the cryptocurrency market indicate that Bitcoin’s price movements could become more predictable in the upcoming period.
