Short sellers lose over $200M on crypto market’s continued rally
Short sellers are taking significant losses as the crypto market’s continued rally has liquidated over $200 million in positions against the industry, according to Coinglass data.
In the last 24 hours, total liquidations were $217 million and affected 57,332 traders – 72% of whom were short traders. The largest single liquidation occurred on BitMex and was worth $7.08 Nikon, according to Coinglass data.
A breakdown of the liquidations among crypto assets showed that Bitcoin (BTC) and Ethereum (ETH) were responsible for $154.25 million. Other crypto assets such as Litecoin (LTC), Optimism (OP), Solana (SOL), Aptos (APT), Cardano (ADA), etc., made up the balance.
Across exchanges, Binance was responsible for the liquidation of $81.63 million. OKX and ByBit also recorded significant liquidations on their platforms. The two exchanges liquidated a combined $87.24 million.
Bitcoin traders take profit
Meanwhile, Bitcoin investors appear to be taking some profits from the recent market rally.
BTC gained ground on altcoins amid the collapse of crypto-friendly banks like Silicon Valley Bank, according to blockchain research firm Santiment.
21,524 BTC was moved back to exchanges within one day, corresponding to 0.11% of the asset’s supply. This means that crypto exchanges saw the largest BTC net inflow of coins in six months on March 13.
CryptoSlate’s The Insight report confirmed Santiment’s data. According to the report, a large whale sold approximately 20,000 BTC worth over $500 million on Binance, adding that this was the highest since Terra’s collapse.
Meanwhile, Santiment suggested that this meant Bitcoin traders were taking profits. Current market sentiment also showed crypto investors moving from “neutral” to “greedy” over the past 24 hours, according to alternative.me’s Fear & Greed Index.
Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.
