Today in the crypto world can be described in one word: 'WOW!', because $268 million disappeared into the liquidation abyss, like a trader's hopes for Dogecoin in 2021.
According to fresh data from Coinglass, the platform you usually Google right after it hurts, the crypto market had a massive cleanup in the last 24 hours, liquidating hundreds of millions in positions. And here's the kicker: 63.7 million - that's longs, and 204 million - that's shorts. Yes, shorts are 3 times more. Poor bears. Wanted to short Bitcoin on the bounce?
Let's get a bit specific:
Bitcoin lost 29.11 million dollars in liquidations. It's like a thousand people bought Bitcoin at the highs and cried at the same time.
Ethereum went further and liquidated 60.09 million. It seems like today it decided: 'Die or long, there will be no other way.'
There you are, looking at the green candles and thinking: 'Everything is going according to plan.' But at that moment somewhere in the world, perhaps even nearby, a 25-year-old trader in an IKEA robe is yelling at the screen:
'HOW IS THIS EVEN POSSIBLE?! I BELIEVED IN TECHNICAL ANALYSIS!'
Seriously? The market doesn't care about your RSI or MACD. It only cares about liquidations. The whole DeFi is the coolest, glamorous version of a casino, where even the roulette sometimes rises up and hits you in the face.
And now a bit of paranoia:
Why were so many shorts liquidated?
Because someone (read, mega whales or insiders) knew there would be a pump and thought: 'Why not put on a show for us?'.
Why are Bitcoin and Ethereum back on steroids?
Because with every liquidated short, the market gets a dose of fuel, like the Energizer bunny - and starts jumping higher. And the main thing:
Don't forget that liquidations are not bad. They're fun! It's like fireworks, only monetary and one-sided. Where you either laugh or delete Bybit from your phone.
