The third most significant long Bitcoin (BTC) liquidation of 2023 occurred on Jan. 30, as over $160 million worth of BTC were liquidated in the last 24 hours, according to CoinGlass data.

At the time of writing, data shows that a total of $160.69 million worth of BTC got liquidated in the last 24 hours. This amount includes the 15 million long BTC liquidation recorded today, which marks the third-largest long BTC liquidation of 2023, according to CryptoQuant.

The first and second largest long BTC liquidations of the year were recorded on Jan. 19 and Jan. 15, with over 20 million and 16 million, respectively.

A similar movement in BTC liquidations was also recorded on Jan. 25, when the price of BTC breached $23,000, and total liquidations breached $200 million in 24 hours.

BTC is being traded for around $22,740 at the time of writing.

Bitcoin closed the week strongly with a fourth consecutive green candle for the first time since August 2021. Four weeks of positive momentum during a bear market is extremely rare.

The last time printed four consecutive green candles during a bear market was during the COVID-19 crash recovery of May 2020. Prior to that, any time four weekly candles closed green during a bear market, the bottom of the cycle had already been made.

However, following the weekly close, Bitcoin did begin a retracement, with the price down 3.6% from the local high as of press time.

Bitcoin soared to $24,000 over the weekend as it made a second attempt to break the resistance level which has held since August 2022. However, as of press time, it has fallen to around $23,000, signaling a weekly red candle.

Further, the weekly candle also marked a higher high on the chart as Bitcoin continues its upward momentum. The year-to-date chart below illustrates Bitcoin’s strong start to 2023.

Throughout Bitcoin’s history, four green weekly candles have never been followed by a new cycle low during similar times in the having cycle. For example, Jan 30 is 994 days since the last halving in May 2020, and previous cycle lows came after 994 days in 2015 and 889 days in 2018. The current cycle’s low came 924 days after the last halving, which lies within the historical range.

Therefore, either Bitcoin’s low this cycle has been and gone at $15,530, or this is the longest bear market in Bitcoin’s history. Moreover, an uncertain global macroeconomic environment looms over the financial sector, with Bitcoin primed for its first test of a potentially deflationary world economy.

Amid investor sentiment signaling ‘greed,’ cryptocurrency investment products saw weekly inflows of $117 million last week — the highest since July 2022, according to a CoinShares report. Investors are almost solely focusing on Bitcoin, which saw inflows of $116 million.

Total assets under management (AuM) of investment products increased 43% from November lows to $28 billion. The trading volume of investment products also improved to $1.3 billion in the week of Jan. 23 — up 17% compared to the year-to-date average. Comparatively, the average weekly volumes in the larger crypto market jumped by 11%.

Germany accounted for 40% of all inflows last week at $46 million. Canada, the U.S., and Switzerland saw inflows of $30 million, $26 million, and $23 million respectively.

Multi-asset investment products kept losing money for the ninth consecutive week. Last week, outflows totaled $6.4 million, although CoinShares noted that investors are selectively quitting certain investments. This is because while Solana, Cardano, and Polygon saw inflows, Bitcoin Cash, Stellar, and Uniswap experienced minor outflows.