Hundreds of millions of dollars in crypto shorts were taken out in the past day as BTC posted its strongest daily surge in over a month.
Data from the crypto analytics firm Coinglass shows that traders who shorted crypto were liquidated to the tune of $426.64 million over the last 24 hours.
Traders who were betting against the top crypto asset by market cap suffered $226.62 million in losses as BTC exploded more than 5% to $74,895 on Monday, its biggest daily rally since March 4th.
Short positions in Ethereum were also taken out amid the marketwide surge, as traders witnessed $134.36 million in losses. On Monday, Ethereum rallied more than 8% to a high of $2,394, ETH’s biggest single-day gain since February 25th.
Crypto traders continue to pounce on RaveDAO (RAVE), a protocol that aims to bridge electronic music events with blockchain technology. Traders who shorted RAVE lost $41.46 million in the past day.
The digital asset class also liquidated traders who were directionally correct but underestimated market volatility. Data from Coinglass shows that traders who went long suffered over $100 million in losses over the last 24 hours.
All in all, Coinglass says 174,272 traders were liquidated. The largest liquidation took place on the decentralized crypto exchange Aster (ASTER), where one trader lost $12.40 million in a BTC/USDT trade.
Bitcoin is trading at $74,637 at time of writing. Ethereum is currently trading at $2,370.
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