Bitcoin and Ethereum have experienced significant market activity, with over $50 million in short liquidations in the past 24 hours as prices surged to multi-week highs. Despite the bulk of liquidation volume coming from shorts, bullish bets were also affected, with over $58 million in long positions liquidated across the market.

Early trading hours on Wednesday saw a notable increase in market activity. Bitcoin jumped from lows of $64k to above $66k on major exchanges, while Ethereum rose above $3,500. This price spike led to widespread liquidations, as data indicates. Bearish bets accounted for the largest share of liquidations across many digital assets. Bitcoin alone saw more than $30 million in short liquidations, while Ethereum had over $21 million.

Other top altcoins and meme coins also faced significant liquidations. Solana recorded over $4 million, Worldcoin more than $4.9 million, and XRP over $4.5 million in short positions liquidated. Meanwhile, the meme coin Pepe saw over $2.9 million in short liquidations amid rising prices.

Overall, the market recorded over $155 million in liquidations in 24 hours, with more than $94 million of this being shorts.

Are Bulls in Charge?

Crypto prices have been generally up since the weekend, a trend noted by analysts over the past two months. However, they cautioned that prices might flip during the week due to ongoing sell-off pressure. This was evident on Tuesday when Bitcoin and Ethereum traded lower following news related to Mt. Gox, allowing bears to push prices down.

Despite this, sentiment remains largely positive, and net inflows are on a streak. Crypto analyst Michael van de Poppe suggests that if Bitcoin stabilizes above $65k, it may allow bulls to target a new high.

The largest amount of net inflow for Bitcoin since the end of June! Despite the negative news, Bitcoin’s price is stable at $65K with consistent institutional inflow.

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