Over $27 million worth of short Ethereum (ETH/USD) positions were liquidated in the past 24 hours as the price of Ethereum soared, nearly reaching the $2400 level. According to data from CoinGlass, a total of $33.75 million ETH in liquidations occurred across exchanges, with shorts making up 78.67% of this figure.
Leading the pack, Binance accounted for $11.30 million in ETH shorts, followed by OKX and Huobi, which faced considerable ETH short liquidations, witnessing 69.53% and 85.17% respectively.
Meanwhile, Bitcoin (BTC/USD) saw over $26 million in long positions wiped out, with the entirety of Bitcoin liquidations summing up to $43.58 million, and long positions accounting for 61.97%.
In total, the market experienced liquidations amounting to $161.95 million, including the largest single liquidation order on Bitmex valued at $1.80 million.
The surge in Ethereum’s price and the subsequent liquidations of short positions highlight the volatility and potential risks associated with trading cryptocurrencies. Investors who were betting against Ethereum faced significant losses as the price continued to rise.
On the other hand, Santiment, a crypto analytics firm, sees the recent price increase in Ethereum as a positive sign. They noted that the trend of top non-exchange whale wallets getting richer and top exchange whale wallets having less sell-off power is a promising combination for a continued climb in Ethereum’s price.
It is important to note that cryptocurrency markets are highly volatile, and prices can change rapidly. Traders and investors need to exercise caution and conduct thorough research before making any investment decisions.
At the time of writing, Bitcoin was trading at $43,521, down 1.02% in the last 24 hours. The cryptocurrency market continues to be influenced by various factors, including market sentiment, regulatory developments, and macroeconomic trends.
As the crypto market evolves, it is crucial for investors to stay informed and adapt to the changing landscape. Proper risk management strategies and a thorough understanding of the market dynamics are essential for navigating the volatile world of cryptocurrencies.
Investors should consider consulting with financial professionals or utilizing reputable sources of information before making any investment decisions.
