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

Bitcoin and Ethereum See Significant Liquidations as Prices Surge

In the past 24 hours, Bitcoin and Ethereum have witnessed over $50 million in short liquidations, a result of prices reaching multi-week highs. Despite shorts dominating liquidation volume, long positions also faced losses, with over $58 million liquidated across the market.

Wednesday's early trading session ignited a market surge, boosting Bitcoin (BTC) from $64k to over $66k on major exchanges. Ethereum (ETH) surpassed $3,500.

The price surge triggered widespread liquidations, according to data from Coinglass. Bearish bets accounted for the majority of liquidations across digital assets.

Bitcoin alone, as per Coinglass data, experienced over $30 million in short liquidations, while Ethereum saw over $21 million. Other notable altcoins and meme coins also faced significant liquidations:

• Solana: over $4 million
• Worldcoin: over $4.9 million
• XRP: over $4.5 million
• Pepe: over $2.9 million

In total, the market recorded over $155 million in liquidations within 24 hours, with shorts accounting for more than $94 million.

Bullish Sentiment Prevails

Cryptocurrency prices have generally trended upwards since the weekend, with analysts at Bitfinex observing this pattern over the past two months. However, they noted the potential for price reversals during the week due to ongoing sell-off pressure, as witnessed on Tuesday when Bitcoin and Ethereum dipped following Mt. Gox-related news.

Despite these fluctuations, sentiment remains largely positive, with net inflows on an upward trajectory. Crypto analyst Michael van de Poppe suggests that Bitcoin stabilizing above $65k could enable a bullish push towards higher targets.