Bitcoin short sellers are facing millions of dollars in losses after Bitcoin (BTC) soared nearly 11%, briefly hitting a year-to-date high of $57,000.
according to data Crypto data platform CoinGlass has liquidated over $161 million in BTC shorts in the past 24 hours. Traders looking to gain short-term exposure to Ether (ETH) fared less well, with liquidations amounting to nearly $44 million within the same period. Over $268 million in short positions were liquidated as Bitcoin briefly reached $57,000.
Short positions totaling more than $270 million were liquidated as the market soared.
According to TradingView, a huge jump in Bitcoin prices drove the overall market, rising 10.8% from $51,471 to $57,035 in less than 24 hours. data. Bitcoin has since calmed down and is trading at $56,000, but is still up 32% in the last month.
In a statement to Cointelegraph, Swyftx principal analyst Pav Hundal said the crypto market is “on fire right now.”
“Average retail trading volume per capita has reached the level seen at the peak of the last bull market in November 2021, and there is tremendous buying pressure from institutional investors,” he said.
Hundal, like many others, has noted the large influx of institutional capital into the recently approved Spot Bitcoin exchange-traded fund (ETF) in the United States.
According to Farside, net inflows into 10 Bitcoin ETFs exceeded $515 million on February 26th, making it the highest day of inflows in history since the ETFs were approved on January 11th. Ta. data.
“Exchange traded funds alone cannibalize nearly a quarter of the Bitcoin currently produced by the network,” Hundal added.
Hundal wasn’t the only one enthusiastic about the future direction of the Bitcoin price, with several market experts on social media platform X weighing in behind the asset.
Tyler Winklevoss, co-founder of U.S.-based cryptocurrency exchange Gemini, simply stated, “We’re really back!” Meanwhile, outspoken Bitcoin bull Dan Held said today’s price action signals “the beginning of a Bitcoin bull market.”
Welcome to the beginning of the Bitcoin bull market.
Be prepared for many sleepless nights
— Dan Held (@danheld) February 27, 2024
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