$145 Million in Short Liquidations Propel Bitcoin and Altcoins Higher

The cryptocurrency market is experiencing a wave of short liquidations, driving bullish momentum for major assets, including Bitcoin.

Data from Coinglass reveals that total liquidations over the past 24 hours exceeded $192 million, with over $145 million stemming from short positions. The remaining $46 million was attributed to long trades.

Bitcoin saw approximately $63 million in liquidations, comprising $55 million from short positions and $7.7 million from long trades, as the price surged past the $66,000 mark on October 14. Currently, Bitcoin is trading at around $65,300, reflecting a 2.3% increase in the last 24 hours.

Ethereum followed closely, recording $37 million in daily liquidations—$30 million in shorts and $7 million in longs. The leading altcoin managed to surpass the $2,600 mark for the first time in two weeks, fueled by the wave of short liquidations. Notably, the largest single liquidation order occurred on Binance, worth $5.2 million in the ETH/USDT pair.

Binance accounted for $94 million of the total liquidations, with short positions dominating at 76%. Despite these liquidation events, total open interest in the crypto market rose by 4.7%, reaching $69.5 billion, signaling potential FOMO (fear of missing out) among traders.

According to CoinGecko, the global crypto market capitalization has increased by over $109 billion in the past day, now standing at approximately $2.406 trillion. Bitcoin commands a 54.2% market dominance, with a total market cap nearing $1.3 trillion.

Adding to the bullish sentiment, U.S.-based spot Bitcoin exchange-traded funds (ETFs) have seen impressive inflows, totaling $555.9 million on Monday—marking a four-month high, according to a report by crypto.news.