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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Crypto

Crypto Shorts Take $86 Million Beating As BTC Marches Towards $31,000

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 crypto shorts have observed a high amount of liquidations in the past day as BTC has seen a sharp rally towards $31,000.

Crypto Futures Market Has Seen High Liquidations In The Past Day

The past day has been volatile for the crypto market as Bitcoin and other assets have seen some sharp bullish momentum. As is usually the case, this volatility has resulted in some chaos on the futures side of the sector.

The below table shows how the liquidations have looked in the crypto futures market today:

Crypto & Bitcoin Liquidations

It would appear that a large amount of liquidations have occurred today | Source: CoinGlass

As displayed above, the crypto futures market as a whole has seen liquidations of almost $120 million in the last 24 hours. Out of these, a little under $86 million of the liquidations were of short contracts.

Most of the volatility in this period has come from assets around the sector popping off so it makes sense that the shorts would bear the majority of the brunt. Mass liquidation events are popularly called “squeezes,” so since this liquidation event majorly involved the shorts, it would be an example of a “short squeeze.”

Related Reading: Bitcoin In Danger? Analyst Fears BTC Resistance Could Trigger A Downward Spiral

From the table, it’s also visible that most of this short squeeze ($65 million) occurred within the past twelve hours alone. This again lines up with price action, as this period is where the volatility was the most pronounced.

Now, here is how the liquidations in the past day were divided among the different symbols in the sector:

Bitcoin & Other Crypto

The distribution of the liquidations by symbol during the past 24 hours | Source: CoinGlass

Bitcoin futures contracts seem to have contributed the largest chunk of this liquidation flush today, while Ethereum has been the second largest. Followed by these two largest assets in the sector are the altcoins Chainlink (LINK) and Solana (SOL).

The reason these two cryptos have seen such high liquidations is that their rallies have been quite remarkable (with LINK seeing 35% profits in the past week, and SOL at 28%), so there has been some significant attention on these assets, which has naturally enticed traders to open futures positions related to them.

Liquidation squeezes like today’s aren’t a particularly rare sight in the crypto sector, as the general volatility of most of the assets is high, so volatile days like today can often crop up.

Related Reading: By The Numbers: Here’s How MicroStrategy’s Bitcoin Strategy Is Going

It would appear that the traders haven’t been discouraged by the liquidations today, though, as CryptoQuant analyst Maartunn has pointed out how the Bitcoin open interest has continued to head up.

Bitcoin Open Interest

The value of the metric has been going up in recent days | Source: @JA_Maartun

The “open interest” here is a measure of the total amount of positions open on the Bitcoin futures market. As is visible in the graph, this indicator is now close to the $10 billion mark.

BTC Price

Bitcoin had broken above the $30,900 mark earlier in the day, but the asset has since seen a pullback. Nonetheless, the coin hasn’t fallen off much, as it’s still trading around $30,600.

Bitcoin Price Chart

BTC has registered a sharp uptrend recently | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts 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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