$ETH A surge in Bitcoin, Ethereum, and Dogecoin triggers 500 million dollars in short liquidations
Nearly 530 million dollars in shorts or bets on lower prices incurred losses amid a general unwind of leveraged positions.
Futures bets against rising cryptocurrency prices lost over 500 million dollars due to a market surge related to potential tariff reductions between the U.S. and China.
Bitcoin led the market rally, rising from 88,000 dollars to over 93,500 dollars, with major cryptocurrencies like ETH, ADA, and DOGE also seeing significant gains.
The largest short liquidations occurred on Bybit and Binance, with one ETH futures position on Binance losing over 4.5 million dollars.
Futures bets against rising cryptocurrency prices lost over 500 million dollars in the last 24 hours, as a sharp increase fueled by the potential delay of U.S. tariffs on China led to the largest short liquidations since October.
According to data, Bitcoin (BTC) rose from a low of 88,000 dollars on Tuesday to 93,500 dollars in the morning hours in Asia, leading to a broad market surge with Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) up 14%. SOL and XRP Solana rose by 7%, with all tokens in the top hundred by market capitalization in the green.