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Bitcoin Surge To $28,400 Triggers $110M Crypto Futures Flush

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Bitcoin rally above the $28,400 level has triggered $110 million in liquidations across the cryptocurrency futures market.

Bitcoin Rally Leads To Mass Liquidation Event In Futures Market

During the past day or so, Bitcoin has rapidly increased, as its price has gone from the $27,000 mark to above the $28,000 level. This is the first time in about a month and a half that the cryptocurrency has breached this level.

The below chart shows how the asset’s value has changed over the past few days.

Bitcoin Price Chart

The value of the coin seems to have shot up since yesterday | Source: BTCUSD on TradingView

The graph shows that earlier in the day, BTC had managed to go as high as $28,500. The coin has since seen a pullback, but it has managed to stay above $28,000.

Related Reading: Bitcoin Breaks Above $28,000, Will Sharks & Whales Continue To Back Rally?

As is usually the case, the rest of the top assets in the sector have also followed in the footsteps of the original cryptocurrency and have observed rallies of their own.

Generally, whenever the market goes through volatility as sharp as today’s, chaos follows in the futures sector. And indeed, as data from CoinGlass would confirm, there have been many liquidations in the past day.

Bitcoin & Crypto Liquidations

The amount of liquidations that have occurred in the crypto sector over the past day | Source: CoinGlass

As the above table shows, the cryptocurrency futures market has registered liquidations of around $134 million in the last 24 hours. As most of the price action in this period has been towards the upside, it’s unsurprising that most of this flush (almost $93 million) involved the short contract holders.

Only one-third of these liquidations occurred within the past twelve hours, another fact that’s not unexpected as most of the volatility was situated within the preceding twelve-hour period.

In terms of the individual contributions to the liquidations from the different symbols, this is how the distribution looks like for the past day:

Bitcoin And Other Assets

Looks like BTC tops the liquidation charts | Source: CoinGlass

Naturally, Bitcoin was responsible for the highest share of liquidations, with around $56 million in contracts being flushed, while Ethereum was second with about $36 million.

Solana and Chainlink saw the largest share among the rest of the sector, although at about $5 and $3 million, respectively, their liquidations pale compared to the top two assets.

SOL and LINK’s extraordinary share may be down to the fact that their recent sharp rallies would have put more focus on them, leading to more positions being opened on the futures market.

Related Reading: Is Bitcoin Network Sufficiently Decentralized? Here’s What The Data Says

Mass liquidation events like today’s (popularly called “squeezes“) aren’t a particularly uncommon sight in the cryptocurrency sector due to the nature of the market.

Most of the coins can display quite the volatility, and an absurd amount of leverage can be easily accessible on most platforms, making the futures market a dangerous place to navigate for the uninformed trader.

Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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