Short traders who bet that the market will drop lost over $200 million in Bitcoin’s last rally, where it surpassed $26,000. The surprise 6 altcoin projects that gained double-digit value of the day hit the hardest.
Short liquidations in last rally exceed $200M
The continued rally of the crypto market has lost over $200 million to shorts against the industry, according to data from Coinglass. In the last 24 hours, total liquidations reached $217 million and 57,332 traders were affected. 72% of them were on the short side. According to Coinglass data, the largest single liquidation occurred on BitMex.
6 altcoins upset the counter positions
The breakdown of liquidations among cryptocurrencies showed that Bitcoin (BTC) and Ethereum (ETH) were responsible for $154.25 million. Other altcoins such as Litecoin (LTC), Optimism (OP), Solana (SOL), Aptos (APT), Cardano (ADA) formed the balance.
Across exchanges, Binance was responsible for $81.63 million in liquidation. OKX and ByBit also recorded significant purges on their platforms. The two exchanges liquidated a combined $87.24 million.
Bitcoin investors enjoying the 20% rally
During the $200 million short liquidation, Bitcoin investors seem to be taking some profits. According to blockchain analytics firm Santiment, BTC increased its dominance against altcoins (BTC.D) amid the collapse of crypto-friendly banks like Silicon Valley Bank.
21,524 BTC was moved back to exchanges within a day, accounting for 0.11% of its supply. This means that crypto exchanges saw the largest BTC net inflow in six months on March 13. According to reports, a large whale sold $500 million worth around 20,000 BTC on Binance, making it the largest one-time sale transaction since Terra’s collapse.
Meanwhile, Santiment suggested that this means Bitcoin traders are making profits. Current market sentiment, according to Alternative.me’s Fear and Greed Index, showed that crypto traders have moved from “neutral” to “greedy” in the past 24 hours. During the price rally on March 14, the US was releasing the inflation rate for February.
While US inflation came to 6%, Bitcoin price exceeded 26 thousand dollars
The price of Bitcoin saw a sharp spike above $26,000 when the US Department of Labor released the latest Consumer Price Index (CPI) data for February 2023. Meanwhile, market giants such as ETH, SOL, AVAX and ADA also gained double-digit value, as can be seen from the short liquidation exceeding $200 million. As Kriptokoin.com, we have included the US inflation data for February and expert expectations for the next Fed meeting in this article.
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