Bitcoin and Ethereum saw over $50 million in short liquidations within 24 hours as their prices surged to multi-week highs. On Wednesday, Bitcoin rose from $64K to above $66K, while Ethereum surpassed $3,500, leading to widespread liquidations.
Data from Coinglass revealed that Bitcoin had over $30 million and Ethereum over $21 million in short liquidations. Other digital assets like Solana, Worldcoin, and XRP also faced significant liquidations.
Despite the predominance of short liquidations, the market saw over $58 million in long positions liquidated, totaling $155 million in liquidations. Analysts noted a general upward trend in crypto prices since the weekend, yet warned of potential sell-off pressures.
Crypto analyst Michael van de Poppe highlighted positive sentiment and consistent institutional inflow, suggesting Bitcoin could target new highs if it stabilizes above $65K. This event underscores the volatile nature and strategic importance of monitoring market trends and inflows in the cryptocurrency space.
