Crypto Rally Leaves Short Traders With $450 Million Losses
Allgemein• Short traders lost more than $450 million in the past 24 hours as major cryptocurrencies surged higher in one of the most impressive rallies in about a year.
• Long traders were also caught off guard as over $108 million in long positions were liquidated.
• Bitcoin and Ethereum both gained around 10% over the past day, while buyers entered the futures market for digital currencies.
Crypto traders were in for a wild ride over the past 24 hours as major cryptocurrencies extended their rally in one of the most impressive rallies in about a year. Short traders betting against the crypto market suffered more than $450 million in losses, while long traders were caught off guard with over $108 million in long positions liquidated.
The data from CoinGlass showed that OKX took the lion’s share of the liquidations at over $241 million, followed by Binance at $116 million. Aside from the short and long traders, the total value of liquidated positions over the past day reached more than $727 million, a level not seen since November 8 when trouble hit the crypto exchange FTX.
The bulk of liquidations came over the past 12 hours, with the value of liquidated positions reaching $514 million. Bitcoin-tracked futures experienced $23 million in both short and long liquidations over the past day while Ethererum-linked futures saw over $16.8 million in liquidations. Solana, DogeCoin, and Aptos-tracked futures also saw around $3 million worth of liquidations.
On the other hand, major cryptocurrencies have seen impressive gains over the past day with Bitcoin breaking the $21,000 price mark and Ethereum reaching around $1,600. Both coins have gained around 10% over the past day. There has also been a steep rise in activity in the futures market for digital currencies as buyers entered the market.
The impressive rally seen over the past 24 hours has been a boon for crypto traders, with some seeing major gains in their portfolios. However, for those who were betting against the market, the losses have been significant. It remains to be seen if the rally can be sustained in the coming days and if traders will be able to recover their losses.