Bitcoin and Ethereum are undergoing another wave of short liquidations, contributing to a bullish trend in the market.
Data from Coinglass reveals that total crypto liquidations have surged to $138.23 million, with over $95 million coming from short positions, indicating a 71% dominance over long positions. Increased short liquidations typically generate buying pressure, benefiting the assets.
Ethereum leads with $27.69 million in liquidations—$23.84 million from shorts and $3.85 million from longs. ETH has gained 3.1% in the past 24 hours, trading at $2,730, with daily trading volume increasing by 117% to $17.4 billion as investor interest grows. The largest single liquidation order on Binance, worth $6.64 million in the ETH/USDT pair, highlights this activity.
Bitcoin follows with $25 million in liquidations—$21 million from shorts and $4 million from longs. This activity propelled BTC to a four-month high of $69,460 earlier today. Despite a recent correction, Bitcoin is up 0.45% over the past day, trading at $68,700, with a 74% surge in daily trading volume to $24 billion.
The global crypto market cap has reached a three-month high of $2.49 trillion, as many leading altcoins also see bullish gains, according to CoinGecko. However, if long positions begin to liquidate, it could create substantial selling pressure as traders aim to limit losses.
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