Bitcoin and Ethereum Surge as Short Liquidations Hit $95 Million

Bitcoin and Ethereum have experienced another phase of short liquidations, fueling bullish momentum for these assets.

According to data from Coinglass, total crypto liquidations reached $138.23 million as bullish sentiment dominates the market. Notably, over $95 million has been liquidated from short trading positions, representing a 71% dominance over long positions.

Crypto Liquidations Map

Increased short liquidations typically create buying pressure.

Ethereum (ETH)

Ethereum leads the chart with $27.69 million in liquidations—$23.84 million shorts and $3.85 million longs. ETH has gained 3.1% in the past 24 hours and is trading at $2,730 at the time of writing.

Its daily trading volume surged by 117%, reaching $17.4 billion, indicating growing investor interest.

The largest single liquidation order was executed on Binance, worth $6.64 million in the ETH/USDT pair.

Bitcoin (BTC)

Bitcoin follows with $25 million in liquidations—$21 million shorts and $4 million longs. This activity propelled BTC to a four-month high of $69,460 earlier today. Despite a recent correction, Bitcoin is still up 0.45% over the past day, trading at $68,700 at the time of reporting.

The flagship cryptocurrency saw a 74% increase in daily trading volume, currently at $24 billion.

The global crypto market cap has also reached a three-month high of $2.49 trillion as most leading altcoins record bullish gains, based on data from CoinGecko.

If long positions begin to liquidate, it could potentially create significant selling pressure as traders attempt to minimize their losses.

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