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Bitcoin’s (BTC) brief surge towards $30,000 resulted in over $106 million in liquidations for short sellers within the past 24 hours, as reported by Coinglass data.
The total cryptocurrency market experienced $173 million in liquidations during this timeframe, primarily from traders maintaining short positions against BTC and various other cryptocurrencies.
Source: Coinglass
The majority of liquidations took place on Huobi, Binance, and OKX, with these three exchanges representing nearly 80% of the total liquidations, of which 87% were short positions. Additional exchanges such as Bybit, CoinEx, and Bitmex also reported a significant portion of the overall liquidations.
As per Coinglass, 31,113 traders faced liquidation, with the largest being an $11 million BTC-USDT short position on Huobi.
Other assets that were liquidated include Ethereum (ETH) and Litecoin (LTC), amounting to $29 million and $2.8 million, respectively. Additionally, Solana (SOL) experienced $2.64 million in liquidations, while Arbitrum (ARB) saw $2.27 million.
BTC briefly spikes above $30,000
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In the meantime, Bitcoin increased by 6.4% over the last 24 hours, reaching $30,000 for the first time in nearly a year, according to CryptoSlate data.
During the last 24 hours, the leading asset experienced greater inflows than outflows on exchanges. Glassnode data indicates that $757.7 million in BTC was transferred to exchanges, while $734.4 million was withdrawn, resulting in a positive net flow of $25 million.
Furthermore, the favorable price trend seems to have attracted more retail investors to the asset, as the number of addresses holding at least 0.1 BTC has reached a new all-time high of 4,307,269 earlier today, according to Glassnode data.
The enhanced price performance coincided with a recent remark from U.S. presidential candidate Robert Kennedy, who stated that cryptocurrencies like Bitcoin could safeguard holders from government overreach and central bank digital currencies (CBDCs).
Kennedy remarked:
“Cryptocurrencies like Bitcoin give the public an escape route from the splatter zone when this bubble invariably bursts.”
The post Bitcoin’s $30k price spike liquidates over $170M appeared first on CryptoSlate.
