Short sellers see $50 million liquidated as BTC and ETH surge

bitcoin and ethereum have seen over $50 million in short liquidations in the past 24 hours, and this occurred as prices surged to multi-week highs.

Even though most of the liquidation volume came from short positions, bullish bets also suffered, with over $58 million in long positions liquidated across the market. However, in the early hours of trading on Wednesday, the market surged higher, with bitcoin (btc) jumping from lows of $64k to over $66k on major exchanges. ethereum (eth) surged above $3,500.

This price increase caused widespread liquidations, as data According to Coinglass, short bets accounted for the majority of liquidations across many digital assets. Coinglass data shows that bitcoin alone saw over $30 million in short liquidations, while ethereum had over $21 million.

Other major altcoins and meme coins also saw significant liquidations, including Solana with over $4 million, Worldcoin with over $4.9 million, and XRP with over $4.5 million in liquidated short positions. Meanwhile, meme coin Pepe saw over $2.9 million in short liquidations amid the price surge.

In total, the market saw over $155 million in liquidations in 24 hours at the time of writing, of which over $94 million were short positions.

Are the bulls in charge?

Cryptocurrency prices have been generally on the rise since the weekend, a trend Bitfinex analysts have observed over the past two months. However, they warned that prices could turn around during the week due to continued selling pressure, as seen on Tuesday when bitcoin and ethereum traded lower following Mt. Gox-related news, allowing bears to push prices lower.

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

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