Nearly half a billion dollars in leveraged crypto positions were forcibly closed over the past 24 hours, with short sellers absorbing the vast majority of the damage. According to CoinGlass data, total liquidations across the crypto market hit $498 million. Of that total, $329 million came from short positions. More than 126,000 traders were affected across the board.
Bitcoin and Ethereum lead the carnage
Bitcoin traders bore the brunt of the liquidation event, with roughly $184 million in BTC positions wiped out. Ethereum wasn’t far behind at approximately $168 million in liquidations.
Bitcoin surged to a session high of $75,900, its highest level since early February. Ethereum climbed toward $2,300, gaining over 2% on the day. When leveraged shorts are stacked up and the price moves against them, exchanges automatically close their positions to prevent further losses. Those forced closures create additional buying pressure, which pushes prices higher, which triggers more liquidations.
Institutional money is doing the heavy lifting
