Bitcoin (BTC) and Ethereum (ETH) saw over $50 million in short liquidations in the past 24 hours as their prices surged to multi-week highs. The market also faced $58 million in long position liquidations, indicating significant volatility.
Early Wednesday trading saw Bitcoin jump from $64k to over $66k, while Ethereum climbed above $3,500. According to Coinglass data, Bitcoin alone accounted for more than $30 million in short liquidations, and Ethereum for over $21 million.
Other cryptocurrencies like Solana, Worldcoin, and XRP also experienced substantial short liquidations. In total, the market recorded over $155 million in liquidations within 24 hours, with $94 million being shorts.
Despite recent sell-off pressures, analysts note a positive sentiment with consistent net inflows. Crypto analyst Michael van de Poppe suggests that if Bitcoin stabilizes above $65k, it could target new highs.
This event underscores the dynamic nature of the crypto market, where rapid price changes can lead to significant financial movements and strategic opportunities for investors.
