Key Points
- Major cryptocurrencies, including Bitcoin, are experiencing increased short liquidations due to bullish momentum.
- Total liquidations surpassed $192 million in 24 hours, with Bitcoin and Ethereum recording significant liquidations.
The digital currency market is witnessing a surge in short liquidations as predominant assets such as Bitcoin show signs of bullish momentum.
Data from Coinglass indicates that the total liquidations in the last 24 hours exceeded $192 million. Out of this, short trading positions account for more than $145 million, while the remaining $46 million is attributed to long trades.
Bitcoin and Ethereum Liquidations
Bitcoin (BTC) recorded liquidations worth $63 million, comprising $55 million shorts and $7.7 million longs, as it crossed the $66,000 mark on October 14. At the time of writing, BTC’s price stands at $65,300, up by 2.3% over the past 24 hours.
In the second position, Ethereum (ETH) witnessed $37 million in daily liquidations, including $30 million in shorts and $7 million in longs. The short liquidations have propelled the leading altcoin past the $2,600 mark for the first time in two weeks.
Role of Exchanges in Liquidations
According to Coinglass, the most significant single liquidation order occurred on Binance, the largest cryptocurrency exchange by trading volume. This order involved the ETH/USDT pair, valued at $5.2 million.
Binance’s share in the total liquidations amounts to $94 million, with short positions dominating at 76%.
Despite the growing liquidations, the total open interest in the cryptocurrency market rose by 4.7% to reach $69.5 billion, according to Coinglass data. This trend typically indicates a Fear of Missing Out (FOMO) and greed in the market.
Data from CoinGecko reveals that the global cryptocurrency market capitalization increased by over $109 billion in the past day, currently standing at $2.406 trillion. Bitcoin holds a 54.2% dominance over the entire market, with a total market cap of almost $1.3 trillion.
The impressive surge in the U.S.-based spot BTC exchange-traded funds also contributed to the bullish Bitcoin price. These ETFs recorded inflows of $555.9 million on Monday, indicating a four-month high.