The crypto bulls are running wild and short sellers are getting steamrolled.
In the past 24 hours alone, more than $748.3 million in crypto positions were liquidated, wiping out over 130,000 traders, according to data from Coinglass. And it’s the bears who took the biggest hit.
Bitcoin Shorts Hit Hardest
The biggest casualties? Bitcoin shorts.
As BTC powered through the $120,000 mark and even flirted with $123K, bearish traders lost a staggering $475 million in liquidations making up the bulk of the day’s bloodbath.
This isn’t just noise. It’s one of the most brutal liquidation waves we’ve seen recently, coming off the heels of an even larger $1 billion short wipeout earlier this week the worst single-day hit for bears in four years.
Ethereum Bears Took a Beating Too
Ethereum traders didn’t get off easy either.
Short positions on ETH were slashed by $52.7 million, while long positions lost another $26.3 million bringing total ETH liquidations to over $90 million. Notably, the largest individual liquidation happened on Binance, totaling $98.1 million in a single trade.
ETH’s bounce back above $3,000 only added fuel to the fire for those betting against the number two crypto.
Market Momentum Shows No Signs of Slowing
This massive round of liquidations comes as Bitcoin continues to dominate headlines and trading desks, climbing more than 12% in the past week and over 100% year-to-date.
Analysts say we may just be getting started.
“Bitcoin’s breakout above the months-long $110,000 range puts it in uncharted price discovery territory,” said Thomas Perfumo, Global Head of Strategy at Kraken. He pointed to steady spot ETF inflows and strength in U.S. equities as signs of a robust risk-on environment.
Meanwhile, Nicolai Søndergaard from Nansen noted that BTC recently broke through major liquidation zones and stayed above them. Combined with improving regulation and rising corporate adoption, the current setup could be laying the groundwork for more upside.
What This Means for Traders
With Bitcoin trading solidly above $120,000, the market’s message is clear: shorting this rally is a dangerous game. Unless something dramatic changes, short sellers might continue paying the price.
Whether this momentum leads to new all-time highs or just a healthy cool-off remains to be seen but for now, bulls are firmly in control.
TL;DR: The crypto market just wiped out $748M in liquidations, mostly from short sellers betting against the rally. Bitcoin and Ethereum led the charge, and with bullish momentum building, the pain for bears might not be over yet.
