The latest upswing in the crypto market shook leveraged positions across the board, with short traders bearing the brunt of the impact. Bitcoin (BTC) rallied over 13% in the past week, breaking above $70,000 for the first time since the halving event last month. The leading blockchain asset is now less than 5% below its all-time high set in March.

Ethereum (ETH), the second-largest cryptocurrency, surged 30% over the week, reclaiming a $450 billion market and is on the verge of testing the $4,000 level.

A market-wide recovery accompanied these price hikes, with the total cryptocurrency market cap jumping more than 7% in 24 hours to reach $2.7 trillion. Trading volumes also doubled to $220.5 billion.

This surge in the market brought volatility that rocked investors betting on higher or lower prices.

In financial markets, traders anticipating price increases go long, while betting on price declines is termed a short position. CoinGlass liquidation data on May 21 showed that over $380.5 million in leveraged positions were wiped out, with short trades comprising over $294.3 million, and around $97.2 million representing liquidated long positions.

Ether shorts accounted for over $104.9 million in liquidations, the largest of any crypto asset. Bitcoin shorts followed with $83.1 million, and Solana (SOL) $16.9 million short trades came second and third respectively.

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