Short sellers see $50 million liquidated as BTC, ETH surge

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As a seasoned crypto analyst with years of experience observing market trends and price movements, I’ve seen my fair share of volatility in the digital asset space. The latest 24-hour period has been no exception, with over $155 million in liquidations recorded across various cryptocurrencies, including Bitcoin and Ethereum.

In the last 24 hours, short positions on Bitcoin and Ethereum worth over $50 million have been liquidated as the prices of both cryptocurrencies reached new heightss they haven’t seen in weeks.

In contrast to the significant volume of short liquidations, long positions faced losses as well, amounting to over $58 million in total across all cryptocurrency markets. However, during the early trading hours on Wednesday, the market experienced a robust upward trend. Bitcoin’s (BTC) price surged from a low of $64,000 to above $66,000 on major exchanges, while Ethereum (ETH) breached the $3,500 mark.

The sudden price surge resulted in numerous sell-offs as evidenced by Coinglass’ data. Among the bets placed on various cryptocurrencies, bearish ones held the largest proportion leading to these sell-offs. Coinglass reports that Bitcoin experienced approximately $30 million worth of short liquidations, while Ethereum had around $21 million.

As a researcher studying the cryptocurrency market, I’ve observed notable liquidation events in various top altcoins and meme coins. Solana experienced a significant liquidation with over $4 million worth of positions, followed by Worldcoin with more than $4.9 million. XRP also saw a substantial liquidation of over $4.5 million in short positions. Meanwhile, the meme coin Pepe witnessed over $2.9 million in short liquidations as its price continued to rise.

In the past day, the market experienced over $155 million in total liquidations, with approximately $94 million resulting from short positions.

Are bulls in charge?

As a crypto investor, I’ve observed an uptrend in prices since the weekend, according to Bitfinex analysts’ observations over the past two months. However, I must remain cautious as they also warned of potential price reversals during the week due to persistent sell-off pressure. This was evident on Tuesday when Bitcoin and Ethereum experienced downward trading following Mt. Gox news, allowing bears to take control and push prices lower.

In spite of current circumstances, the overall attitude stays favorable, and there’s been a consistent flow of funds in. According to crypto analyst Michael van de Poppe, Bitcoin needing to hold steady above $65,000 could pave the way for further price gains.

Since the close of June, Bitcoin has experienced its greatest influx of new funds, totaling:

— Michaël van de Poppe (@CryptoMichNL) July 17, 2024

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2024-07-17 17:58