As BTC reaches $22,000 and ETH surges, more than $160 million in short positions have been closed Above $1,4000


ETH’s price soared beyond $1.4K while Bitcoin’s price is aiming towards $22,000. As a result, several short bets have been liquidated.

The cryptocurrency market has continued to grow, adding $150 billion to its capitalisation in the last few days, which is currently beyond $1 trillion.

The price of bitcoin is presently hovering at $22,000, having risen by around 5% over the previous week and 2.1% over the previous 24 hours.

However, with a week-over-week increase of 22.6 percent and a day-to-day increase of 5.5 percent, Ethereum is clearly in the lead in terms of price performance during the recent days.

This resulted in liquidations of more than $250 million, more than $160 million of which were short bets, which was maybe to be expected.

According to Coinglass data, an ETH perpetual contract with a face value of $2.83 million was the highest single liquidation order to ever occur on FTX.

With 65K worth of ETH liquidated over the course of the last 4 hours (a total of over $94 million), ETH is also leading in terms of overall liquidations.

Overall, 64 percent of the positions that were liquidated were short across the largest exchanges, with OKX recording the highest amount of liquidations.