Traders betting against Bitcoin and the crypto markets are getting liquidated as BTC’s price pushes higher.
In the last 24 hours, a total of $1.93 billion in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
The vast majority of the liquidations hit traders going short, coming in at $1.75 billion. Long positions accounted for just $179.28 million.
Bitcoin led the wipeouts with roughly $1.15 billion liquidated, nearly all from short positions. Ethereum followed at about $516 million, also dominated by shorts.
Over 127,000 traders were forced out in total.
Bitcoin is now trading at approximately $68,344, up more than 5.6% in the last 24 hours.
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Generated Image: Midjourney
