Short traders have been pummeled over the last 24 hours as the prices of top crypto assets spiked, contributing to a total of $1.12 billion worth of crypto positions liquidated during that span.
According to data from CoinGlass, shorts make up the bulk of that figure, with nearly $777 million worth of positions liquidated over the past day. Short positions are bets that the price of a particular asset will fall, with long positions being the opposite. Some $350 million worth of longs were zapped in the same span.
Bitcoin usually leads the list of liquidations, but over the past day, it’s been Ethereum traders weathering the most damage with $439 million worth of liquidations.
That’s because of Ethereum’s incredible price rise, with the asset skyrocketing nearly 25% over the last week to a current price of $2,303. Earlier Friday, the price rose to $2,448 for the first time in two months. The Ethereum jump comes amid this week’s launch of the long-awaited Pectra network upgrade.
Ethereum isn’t the only big gainer this week, however, even if its rise has outpaced most other giants. Bitcoin is up 5% to a current price of $102,858, topping $100,000 on Thursday for the first time since February. The top cryptocurrency touched a high of $103,890 earlier Friday, with $307 million worth of Bitcoin liquidations piling up over the last day.
Other big movers in the top 10 cryptocurrencies by market cap this week include Solana with a 12% rise and Dogecoin with a more than 11% climb on the week.
Solana yielded the third-most liquidations for any single asset over the last day with over $40 million worth, with Dogecoin a little further down the list with $19 million worth of liquidations.
Per CoinGlass, the single-largest liquidation over the last day came from a trader betting against Bitcoin, losing an $11.97 million position in the process.
Edited by Andrew Hayward
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