The crypto market witnessed a heavy wave of short liquidations over the past 24 hours. According to Coinglass, total liquidations across all exchanges reached $138.23 million, with short positions accounting for $95 million — a 71% share. The forced buy-backs from squeezed shorts pushed both Bitcoin and Ethereum higher.
Ethereum Leads with $27.69M Liquidations
Ethereum (ETH) was the standout performer. Total liquidations stood at $27.69 million, comprising $23.84 million from shorts and $3.85 million from longs. The price climbed 3.1% over the day to $2,730. Trading volume surged to $17.4 billion, up 117%. The largest single liquidation order — worth $6.64 million — occurred on Binance's ETH/USDT pair, highlighting aggressive short covering.
Bitcoin Touches $69,460, Volume Up 74%
Bitcoin (BTC) followed closely. Liquidations totaled $25 million (shorts: $21M, longs: $4M). The price briefly hit $69,460, a four-month high, before pulling back to $68,700 — still up 0.45% on the day. Daily trading volume jumped to $24 billion, a 74% increase, signaling strong market engagement.
Global Crypto Market Cap Reaches $2.49 Trillion
Data from CoinGecko shows the total crypto market capitalization climbed to $2.49 trillion, a three-month high, driven by gains across most altcoins. Analysts caution that if long positions begin to liquidate in large numbers, selling pressure could re-emerge. Traders are advised to monitor leveraged positions closely.