In the past 24 hours, Bitcoin’s brief surge to $30,000 has resulted in over $106 million in liquidations for short traders, with the overall crypto market experiencing $173 million in liquidations. The majority of these liquidations came from traders holding short positions against Bitcoin and other cryptocurrencies.
The exchanges that accounted for most of the liquidations were Huobi, Binance, and OKX, with 87% of the liquidations being short positions. Other exchanges such as Bybit, CoinEx, and Bitmex also recorded a significant amount of total liquidations. According to Coinglass, 31,113 traders were liquidated, with the largest being an $11 million BTC-USDT short position on Huobi.
Liquidated assets include Ethereum (ETH) and Litecoin (LTC), with $29 million and $2.8 million respectively, and Solana (SOL) and Arbitrum (ARB) saw $2.64 million and $2.27 million in liquidation, respectively.
Meanwhile, Bitcoin has risen 6.4% in the past 24 hours, reaching $30,000 for the first time in almost a year, and has seen more inflows than outflows on exchanges. As a result, more retail traders appear to be drawn to the asset, with more addresses holding at least 0.1 BTC than ever before, reaching a new all-time high of 4,307,269 earlier today.
U.S. presidential candidate Robert Kennedy recently stated that cryptocurrencies such as Bitcoin could protect holders from government overreach and central bank digital currencies (CBDCs). Kennedy believes that cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble inevitably bursts.
