In the past 24 hours, the crypto derivatives market saw $539 million in liquidations, with an overwhelming $469.87 million of that coming from short positions.
Bitcoin’s upward move progressed steadily throughout the day, with only minor retracements. BTC’s intraday low was $108,477, making the rally relatively smooth and catching many traders off guard, particularly those betting on the downside.
Long-side losses were relatively modest. Only $68.92 million in longs was liquidated, mainly due to smaller corrections earlier in the day and tight stop placements.
