The cryptocurrency market is experiencing a surge in short liquidations as major assets, including Bitcoin, gain bullish momentum.

Significant Liquidations in the Crypto Market

According to data provided by Coinglass, the total liquidations over the past 24 hours surpassed $192 million. Of this tally, more than $145 million in short trading positions have been wiped out, while the remaining $46 million belongs to long trades.

Bitcoin Liquidations

Bitcoin recorded $63 million in liquidations—$55 million in shorts and $7.7 million in longs—as it surpassed the $66,000 mark on Oct. 14. BTC is still up 2.3% in the past 24 hours and is trading at $65,300 at the time of writing.

Ethereum Liquidations

Ethereum is sitting in the second spot with $37 million in daily liquidations—$30 million in shorts and $7 million in longs. Thanks to the short liquidations, the leading altcoin crossed the $2,600 mark for the first time in two weeks.

“The largest single liquidation order happened on Binance, the largest crypto exchange by trading volume, and was worth $5.2 million in the ETH/USDT pair.”

Dominance of Binance

The Binance exchange accounts for $94 million of the total liquidations with a 76% dominance of short positions.

Market Trends and Data

Despite the rallying liquidations, the total open interest in the crypto market increased by 4.7%, reaching $69.5 billion, according to Coinglass data. This movement usually indicates signs of FOMO (Fear of Missing Out) and greed.

According to CoinGecko data, the global crypto market capitalization increased by over $109 billion over the past day, currently sitting at $2.406 trillion. At this point, Bitcoin has a 54.2% dominance over the whole market with a total market cap of almost $1.3 trillion.

Impact of BTC ETFs

Another bullish driver for Bitcoin’s price was the impressive surge in US-based spot BTC exchange-traded funds. These ETFs recorded $555.9 million in inflows on Monday, marking a four-month high.

For more insights and updates on the cryptocurrency market, explore more news on Global Crypto News.

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