Tens of thousands of crypto traders who were betting against the market got liquidated over the past day as Bitcoin (BTC), Ethereum (ETH) and the rest of the market flashed signs of life.
Data from the derivatives and spot market analytics firm Coinglass shows that $123.38 million in shorts were liquidated in the last 24 hours as Bitcoin rallied to as high as $73,460, pushing the crypto market higher.
Traders who bet against BTC were liquidated the most to the tune of $53.45 million over the past day. Meanwhile, traders who believed that ETH would plummet witnessed $36.83 million in liquidations as Ethereum soared to a high of $2,258.
On top of the two largest crypto assets by market cap, traders were also heavily betting against RaveDAO (RAVE), a protocol designed to bridge electronic music events with blockchain technology, allowing users to buy event tickets, access exclusive content and participate in community governance.
Traders who were short RAVE suffered $12.27 million in losses.
The crypto market volatility did not spare those who were betting that prices would go up in a straight line. Data from Coinglass shows that traders who were long lost more than $64 million.
Overall, Coinglass says 98,961 crypto traders were liquidated in the last 24 hours, with total liquidations coming in at about $187 million. The largest liquidation came from the crypto exchange Binance, where one trader lost $4.49 million while trying to time the movement for the AVAX/USDT (Avalanche/Tether) pair.
Bitcoin is currently trading at $72,744, while Ethereum is valued at $2,236.
Photo by André François McKenzie on Unsplash
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