The cryptocurrency market has undergone a robust rally, contributing more than $100 billion to its total market capitalization index since October 23. In the past 24 hours alone, this upward momentum has resulted in liquidations exceeding $400 million, with over $300 million originating from short positions.
Notably, Bitcoin (BTC) was the protagonist, with a price appreciation superior to 12% in a day. Bitcoin short sellers were the biggest losers, with over $180 million in short positions liquidated of the $222 million BTC total liquidations.
Ethereum (ETH) traders lost $60 million in the day, of which $44 million was also from crypto speculators betting on lower prices, according to data retrieved by Finbold on October 24 from CoinGlass.
Interestingly, the higher liquidation volume occurred in the last 12 hours. In this period, $317 million was liquidated from short and long positions. Of which, 76% ($241 million) from short sellers getting ‘REKT.’
Derivatives volume surge as short sellers get punished
Amid this reported blood bath for short sellers, the top three cryptocurrencies trending on the derivatives market have seen massive increases in their trading volume in the last 24 hours.
Bitcoin volume is up 221%, while Ethereum and XRP derivatives volume are both up 108% in the period. They registered $106 billion, $31 billion, and $2.7 billion of volume during this rally, respectively.
It is also noteworthy that 95,000 traders were liquidated, with the largest single liquidation order happening on Binance. This short seller was liquidated in a $9.98 million order on the BTC pair against Tether USD (USDT).
