Bitcoin and Ethereum Hunt Bears as Crypto Short Liquidation Hits 4-Year High of $871M
Meteoric price rallies from Bitcoin and Ethereum dealt severe blows to bears, with liquidation figures reaching multi-year highs.The cryptocurrency market added over $235 billion in the past day as the sector continues its recovery process. The rally pushed the industrys valuation to $3.25 trillion, with bears in shambles.Data from Coinglass highlighted a bear battering in the past 24 hours, with short liquidation reaching insane levels. Specifically, traders betting on lower Bitcoin and altcoin prices suffered losses reaching $871 million, the largest since July 2021.Liquidation FrenzyWhile bulls suffered considerable losses, bears predominated the liquidation frenzy. For perspective, about $1.17 billion worth of leveraged positions were chalked off the crypto market in the past 24 hours, with 74% worth $871 million in shorts and 26% ($300 million) in longs.Meanwhile, Ethereum bears suffered the most losses following the assets over 20% rally in the past day. The altcoin king surged from sub-$2,000 to a three-month high of $2,490, liquidating $300 million in leveraged short bets. Notably, $136.74 million worth of long positions also left the market, totaling $437.49 million.Bitcoin bears also felt the heat, accounting for 91% of all BTC liquidated positions. Today's 5% rally to above $104,000 ensured that $330 million of the $363.80 million worth of positions affected were bearish bets.Other notable assets with massive liquidation figures include Solana, Pepe, and, surprisingly, MOODENG. An 11%, 35%, and a staggering 152% uptick ensured that $34.7 million, $17.56 million, and $14.85 million worth of bear positions were liquidated, respectively.
Text source: The Crypto Basic
