Crypto traders suffer nearly $400m in liquidations as Bitcoin surges past $34.9k.
A massive price surge for Bitcoin and other major cryptocurrencies has resulted in nearly $400 million worth of liquidations for leveraged traders over the past 24 hours (at the time of writing).
Most of the positions liquidated were shorts, as the crypto market caught many traders off guard with its sudden upward momentum.
Source: CoinGlass
According to data from CoinGlass, Bitcoin (BTC) shorts saw $177.15 million in liquidations, while Ethereum (ETH) short had $42.23 million worth of positions liquidated.
In total across the crypto market, 94,168 traders were liquidated in the past 24 hours, with the largest single BTC liquidation order valued at $9.98 million on the BTCUSDT trading pair.
Notably, total short liquidations across cryptocurrencies amounted to $295.82 million (in comparison to $106.46M long liquidations), indicating the majority of liquidated positions had been anticipating further price declines.
The liquidations come as Bitcoin shot past $34,900 for the first time since May 2022, rising over 10% in the last 24 hours. Ether, Chainlink and other major altcoins also posted significant gains.
The market rebound has placed notable short sellers like Former Frog Nation CFO 0xSifu in a dangerous position. 0xSifu currently holds over $21 million ETH shorts on Synthetix with an average position price of $1,643. If ETH continues rising to $1,926, his position risks being liquidated.
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