Cryptocurrency positions worth $280.71 million were liquidated in the past 24 hours, affecting 79,153 traders. Bitcoin price rose 2.79% to $67,861.28, nearing its all-time high of $73,686.93, before retreating slightly to around $67,400. Ethereum rose 0.93% to $2,628.81.
According to Coinglass data, long positions accounted for $151.47 million of the liquidation amount, while short positions accounted for $129.24 million. The single largest liquidation occurred on OKX's ETH-USDT-SWAP, with a value of $6.55 million.
$31.73 million was liquidated in the last 4 hours, with shorts accounting for 73.13%. During this period, Binance led the exchange in liquidations of $18.89 million, of which 78.23% were short positions.
Bitcoin's market cap currently stands at $1.34 trillion, while Ethereum's market cap stands at $316.47 billion. Over the past week, Bitcoin and Ethereum have gained 9.8% and 8.26%, respectively.
The large liquidation of short positions suggests that traders who had bet on the market to fall faced large losses as prices rose. This trend indicates a potential shift in market sentiment in a bullish direction.
