Bitcoin surged late on April 22 and briefly moved above $79,000, putting it within reach of the $80,000 mark. Ether climbed at the same time and held above $2,400, pushing volatility higher across the crypto market.
According to the source material, the sharp move took shape at around 23:30 Taiwan time on April 22. BTC jumped in a short burst, ETH followed, and the derivatives market was hit by a wave of liquidations. The move was sudden. Short positions took the brunt of the damage.
More than 103,000 traders liquidated in 24 hours
CoinGlass data showed that 103,788 traders were liquidated across the market over the past 24 hours. Total liquidations reached $467.97 million. With prices moving sharply in one direction, most of the wiped-out positions came from traders betting on a pullback.
The split between spot and derivatives was clear. Holders in the spot market benefited from the rally, while leveraged traders were forced out as momentum accelerated. As Bitcoin approached a major round-number level, liquidation pressure rose quickly.
Largest single liquidation was on Binance
The biggest single liquidation in this move took place on Binance. The position was in the BTCUSDT trading pair, and the value of that liquidation reached $7.51 million.
Based on the figures available, the rally lifted major token prices and triggered a concentrated shakeout in leveraged products at the same time. The source material did not provide later price action beyond the breakout, but the stress on short positions and the scale of liquidations were already clear as Bitcoin neared $80,000.