Data shows the rebound in Bitcoin and other cryptocurrencies has punished the bears, triggering a massive wave of short liquidations.<\/p>\n
According to data from CoinGlass<\/a>, a large amount of liquidations have piled up on the cryptocurrency derivatives market. \u201cLiquidation<\/a>\u201d refers to the forceful shutdown that any open contract has to go through if its losses exceed the threshold defined by its platform.<\/p>\n Below is a table that shows the numbers related to the latest liquidations in the market.<\/p>\n As displayed, the cryptocurrency sector has seen a derivatives flush of over half a billion dollars during the past day. Out of these, 73.7% of the liquidations, equivalent to $371 million, came from the short investors alone.<\/p>\n The short-heavy mass liquidations have come as Bitcoin and company have rebounded following the news of a ceasefire<\/a> between Israel and Iran. Earlier, US strikes<\/a> on Iranian nuclear facilities had induced a crash in the market that ended up unleashing a flurry of long liquidations. This time, it seems the bears have been the ones caught out instead.<\/p>\n As usual, Bitcoin and Ethereum have topped the list of liquidations, but interestingly, the latter ($168 million) has managed to outweigh the former ($153 million), which is generally not the case.<\/p>\n Ethereum observing a higher amount of liquidations could come down to the fact that its price has seen a larger jump during the past day (7% vs 3.5%). It could also be an indication of an elevated level of speculative interest in the cryptocurrency.<\/p>\n Out of the altcoins, Solana and XRP have topped the charts with $29 million and $13 million in liquidations, respectively. Though clearly, these numbers are quite small compared to the figures of the top two titans, showcasing the sheer difference in capital involved.<\/p>\n