Crypto Liquidations Hit $248 Million as Market Veers into 'Extreme Greed'

As the general crypto market ecosystem is profitable for many, with the Bitcoin (BTC) price soaring above $65,500 earlier today, it has marked somewhat of a doomsday for over 90,000 traders. Data from CoinGlass places the current market liquidations at $248.52 million over the past 24 hours, a trend that "rekt" short traders.

Current liquidation data

Per current market data, Bitcoin’s total liquidation for the past 24 hours is now pegged at $75.79 million, with long and short liquidations coming in at $20.36 million and $55.43 million, respectively.

Ethereum ranked as the second most liquidated coin, with a total of $29.02 million liquidated. An intriguing discovery was made in the current liquidation ecosystem, with the top three meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE, significantly accounting for a total of $38.23 million.

While Bitcoin was the most liquidated digital currency, the largest single liquidation comes in at $2.45 million. The top exchanges that recorded the most liquidations include Binance, with $99.07 million worth of the total liquidation valuation.

Per the observed trend from previous liquidation figures, any sharp reversal in the price of Bitcoin in the coming days might also trigger another equally steep liquidation.

Bitcoin Growth Catalysts

Bitcoin is on a parabolic growth course, and despite currently trading at $65,387.33, is up by 4.51% in 24 hours. Many project that it is poised for more ambitious rallies.

With a likely surge to $1 million not ruled out by veterans like Samson Mow, the spot Bitcoin ETF is named by industry insiders as the key catalyst driving the price of the coin forward, with a strong supply shock visible. 

Overall, the supply crunch from the spot Bitcoin ETF and the deflation that the next halving will introduce will help power a new price discovery that will crest beyond the previous ATH above $68,700.