Hundreds of Millions in Shorts Liquidated as BTC Surges Past $37,000
As Bitcoin (BTC) surges past $37,000, hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) shorts have been liquidated. According to new data from blockchain tracking platform Coinglass, during the last 24 hours, the top crypto asset by market cap has seen just over $131 million worth of short contracts liquidated.
Bitcoin is currently trading at $36,460, representing a 2.9% gain over the last 24 hours but nearly a 3.5% drop from its seven-day high of $37,935 set on the morning of November 9th.
Coinglass also reveals that during the same time frame, Ethereum has seen $48 million worth of short contracts liquidated while Solana has seen $9.56 million. Ethereum is currently trading for $2,028, a 7.4% rise on the day while Solana is moving for $46.27, an 8.4% rise during the same time frame.
The overall liquidation numbers for BTC, ETH, and SOL during the last day are $170.5 million, $66.5 million and $17.7 million, respectively.
Other notable crypto assets on Coinglass’s radar that saw significant liquidations include Chainlink (LINK) and Dogecoin (DOGE). LINK is trading for $14.28 at time of writing while DOGE is trading for $0.071.
Hot Take
As Bitcoin continues to rally past key levels such as $37,000, massive liquidations are occurring in the crypto market, indicating strong bullish momentum and potentially leading to further price increases across major cryptocurrencies.
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