Data Shows Massive Liquidations in Crypto Futures Market as Bitcoin Surges Above $51,500
Bitcoin has surpassed the $51,500 mark after a recent slump below $49,000. The coin has experienced a sharp upward movement, reaching new highs for the year. Only Cardano (ADA) has seen greater gains than Bitcoin in the past day. This surge brings Bitcoin to its highest point since December 2021.
CoinGlass Data Reveals Significant Liquidations in Crypto Futures Market
During this volatile period, the futures side of the crypto market has witnessed liquidations totaling more than $231 million. The majority of these liquidations, amounting to $138 million, involved short positions. However, long positions worth nearly $93 million were also affected.
Such mass liquidation events are commonly referred to as “squeezes,” and they can cause cascading effects on price swings. In this case, it appears to be a “short squeeze.” Bitcoin and Ethereum were the top contributors to the liquidations.
Bitcoin Open Interest Continues to Rise Despite Liquidation Events
Despite the significant liquidations in the crypto futures market, speculators have not been deterred. Bitcoin’s open interest has continued to increase amidst these events.
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