Bitcoin and Ethereum experienced yet another round of short liquidations, which has brought bullish momentum to these assets. According to data provided by Coinglass, the total value of crypto liquidations amounted to $138.23 million, indicating a prevailing bullish sentiment in the market. Out of this total, over $95 million was liquidated from short trading positions, representing a dominant 71% over long positions.
Increased short liquidations typically generate buying pressure. Ethereum (ETH) is leading the pack with $27.69 million in liquidations, comprising $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.
The daily trading volume of ETH has surged by 117%, reaching $17.4 billion, as investor interest continues to grow. Notably, the largest single liquidation order took place on Binance, the largest cryptocurrency exchange by trading volume, and amounted to $6.64 million in the ETH/USDT pair.
Bitcoin (BTC) holds the second position with $25 million in liquidations, including $21 million from shorts and $4 million from longs. As a result, the price of BTC reached a four-month high of $69,460 earlier today. Despite a recent correction, Bitcoin is still up 0.45% in the past day and is currently being traded at $68,700.
The daily trading volume of Bitcoin has witnessed a 74% surge, reaching $24 billion. Additionally, the global crypto market cap has reached a three-month high of $2.49 trillion as the majority of leading altcoins experience bullish gains, according to data from CoinGecko.
If long positions begin to liquidate, it could potentially create significant selling pressure as traders aim to minimize their losses.
In related news, Pump.fun has launched “Pump Advanced” and has teased the upcoming launch of a new token.