Bitcoin and Ethereum experienced yet another round of short liquidations, which brought a surge of bullish momentum to these assets. According to data provided by Coinglass, the total amount of crypto liquidations reached $138.23 million, indicating a dominant bullish sentiment in the market. Out of this total, over $95 million was liquidated from short trading positions, showing a significant 71% dominance over long positions.
Typically, an increase in short liquidations generates buying pressure. Ethereum (ETH) is leading the chart in terms of liquidations, with $27.69 million in total—$23.84 million from shorts and $3.85 million from longs. Over the past 24 hours, ETH has gained 3.1% and is currently trading at $2,730.
Furthermore, the daily trading volume for Ethereum has seen a remarkable 117% increase, reaching $17.4 billion, highlighting the growing interest of investors in the asset. It is worth noting that the largest single liquidation order took place on Binance, the largest crypto exchange by trading volume, with a value of $6.64 million in the ETH/USDT pair.
Bitcoin (BTC) takes the second spot in terms of liquidations, with $25 million in total—$21 million from shorts and $4 million from longs. This surge in liquidations pushed the price of BTC to reach a four-month high of $69,460 earlier today. Despite a recent correction, Bitcoin is still up 0.45% over the past day and is currently trading at $68,700.
The daily trading volume for Bitcoin has also witnessed a significant surge, with a 74% increase to $24 billion. The global crypto market cap has reached a three-month high of $2.49 trillion, as most of the leading altcoins record bullish gains, according to data from CoinGecko.
If long positions start to liquidate, it could potentially create substantial selling pressure as traders attempt to minimize their losses.