A sudden market surge liquidated over 122,000 traders in the past 24 hours, with short-sellers absorbing the vast majority of a $482 million wipeout. Data from Coinglass shows that of the total liquidations, $406 million were from short positions.
The bulk of the liquidations occurred on Binance, totaling $178.2 million, followed by OKX with $159.8 million. Bitcoin traders saw the heaviest losses, with $112.4 million in shorts liquidated. Ethereum followed with $89.7 million in short positions closed.
This massive liquidation event comes as Bitcoin surpassed $92,000 and Ethereum reclaimed $3,100. Bitcoin is currently trading at approximately $92,594, a 0.71% increase in the last 24 hours. Ethereum is trading at around $3,090, up 8.61% in the same period. The rapid price appreciation caught many bearish traders off-guard, forcing their positions to be closed.
The largest single liquidation order was a BTC/USDT pair on Binance, valued at $7.8 million. This event highlights the risks of high-leverage trading in volatile market conditions.
