Crypto markets saw a sharp move higher at 8:30 p.m. on March 16. Ethereum (ETH) pushed above the $2,300 level, while Bitcoin (BTC) climbed past $74,000 in short-term trading.
Spot rally triggers heavy derivatives wipeout
The breakout in spot prices was quickly followed by violent moves in the derivatives market, with short positions taking the biggest hit. According to CoinGlass, 96,036 traders were liquidated across the market over the past 24 hours, with total liquidations reaching $397 million.
The move unfolded rapidly. As BTC and ETH pushed through key price levels, leveraged positions were forced out in succession, showing how sensitive the market remains around major resistance zones and how quickly liquidation pressure can build once momentum accelerates.
Largest single liquidation hits $6.94 million on Bitfinex
The biggest single liquidation over the past 24 hours was recorded on Bitfinex. Data showed the position was on tBTCF0:USTF0, with a loss of $6.94 million in margin.
The scale of the wipeout highlights how fast leveraged positions can unravel when Bitcoin and Ethereum rise at the same time. In a market moving this quickly, concentrated short exposure can be squeezed within a very short window, magnifying volatility across the broader derivatives market.