Over $450M Shorts Liquidated in 24 Hours as Crypto Market Extends Rally

cryptonews.com:

Traders betting against the crypto market have suffered more than $450 million in losses over the past 24 hours as major cryptocurrencies surged higher in one of the most impressive rallies in about a year. 

According to data by CoinGlass, short traders suffered around $457 million across major centralized exchanges over the past day. Crypto exchange OKX took the lion’s share of these liquidations at over $241 million, followed by Binance at $116 million. 

Aside from short traders, long traders have also been caught off guard as over $108 million in long positions were liquidated. This brings the total value of liquidated positions over the past day to more than $727 million, a level not seen since November 8 when trouble hit the crypto exchange FTX.

The bulk amount of liquidations came over the past 12 hours, data by CoinGlass show, with the value of liquidated positions reaching $514 million. 

Bitcoin-tracked futures experienced $23 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $16.8 million in liquidations. Solana, DogeCoin, and Aptos-tracked futures also saw around $3 million worth of liquidations. 

The record level of liquidations come as major cryptocurrencies broke above key resistance levels and extended their rallies. Bitcoin, the world's largest cryptocurrency, passed the $21,000 price mark at one point over the past day while Ethereum reached around $1,600. Both coins have gained around 10% over the past day.

Meanwhile, there has also been a steep rise in activity in the futures market for digital currencies. As noted by Crypto Quant’s Ki Young Jun, buyers entered the market early Saturday morning, purchasing around $4 billion worth of bitcoin futures.

While a