Approximately 232,149 traders were liquidated in the last 24 hours, as the crypto market was hitting new highs.
On Thursday, short sellers on bitcoin were swept away by a spectacular surge in the price of the crypto asset. It reached new highs, resulting in the liquidation of more than one billion dollars in short positions in just 24 hours.
According to data from CoinGlass, 1.01 billion dollars in short positions were liquidated. This affected more than 232,000 traders.
Among these liquidations, there are approximately 570 million dollars in shorts on bitcoin (BTC) and 206.93 million on ether (ETH).
In total, liquidations on Bitcoin reached 590.04 million dollars during the period, of which only 20.21 million concerned long positions. Source: CoinGlass
These liquidations occurred as bitcoin reached a new record for the second consecutive day (112,000 dollars on Wednesday and 116,500 dollars on Thursday), while ether surged to 2,990 dollars on Thursday.
A shock that makes the industry react
The total market capitalization of crypto surged by 4.4% in 24 hours, reaching 3.63 trillion dollars, according to data from CoinMarketCap.
'The bears are in denial,' commented crypto analyst Miles Deutscher on X on Thursday.
Trader Daan Crypto Trades described the situation as a 'MASSIVE SHORT squeeze on BTC and ETH.'
In the same vein, analyst Velo highlighted the scale of the liquidations: 'Many emails are being sent,' he commented.
The Crypto Fear & Greed Index remained stable on Thursday, with a score of 71 out of 100, in the so-called 'greed' zone. It lost two points compared to the previous week (73). Source: Alternative.me
One of the largest episodes of crypto liquidations occurred on February 3, with more than 2.24 billion dollars liquidated, as concerns grew over a global trade war following President Trump's decision to impose new tariffs.
Earlier this week, some observers still doubted that bitcoin would reach new highs.
Traders divided on bitcoin's ability to reach new highs
On Tuesday, Bitfinex analysts noted a lack of vigor in traders' movements, explaining that Bitcoin was struggling to surpass its all-time high.
'Buyers are hesitant, or unable to drive prices up without new catalysts or clearer macroeconomic signals,' they estimated as BTC hovered around 108,500 dollars.
However, other voices were more optimistic. Michaël van de Poppe, founder of MN Trading Capital, stated on June 30: 'The surge to a new ATH for Bitcoin could very well happen as soon as this week.'
Currently, traders are betting on a continuation of the rise or stabilization of prices.
However, about 2.11 billion dollars in long positions could be liquidated if Bitcoin drops back to its level from Wednesday, which is 112,000 dollars.
