Bitcoin pushed above $63,000 in early trading on July 7, while Ether climbed past $1,800, setting off a sharp wave of liquidations across crypto derivatives markets. Data from CoinGlass shows total liquidations reached $160 million over the past four hours, with short positions making up $112 million of that amount.
BTC and ETH rally triggers concentrated short liquidations
The move came quickly. Once Bitcoin cleared the $63,000 level, a cluster of short stop-loss orders above resistance was hit, adding forced buying to the advance. Ether moved higher at the same time and broke through the $1,800 mark, putting additional pressure on traders positioned for a pullback.
According to CoinGlass, roughly 70% of the four-hour liquidation total came from shorts. That points to a classic short squeeze: rising prices forced bearish traders out of their positions, and those liquidations added more momentum to the move.
24-hour liquidations near $400 million, with 85,940 traders wiped out
Across the past 24 hours, total crypto market liquidations climbed to $392.17 million. The number of liquidated traders reached 85,940, showing that the market move was not limited to a brief spike but spread across a much broader set of positions.
The largest single liquidation order was recorded on Binance's ETHUSDT perpetual contract, where one position worth $7.60 million was closed out. In fast upward moves like this, leveraged positions can lose margin very quickly, especially when major trading pairs break through closely watched levels.
Derivatives positions reset as volatility jumps
The latest figures show how tightly spot price action and derivatives flows are interacting. Bitcoin's return above $63,000 and Ether's push over $1,800 fed into liquidation-driven buying, which amplified intraday swings. For leveraged traders, the episode was a sharp reminder that rapid market repricing can turn into large-scale liquidations within hours.