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Bitcoin pump to $63,700 triggers the most short liquidations since late April
Key takeaways
- Short sellers, who profit when prices fall, lost $504 million over the 24 hours to Monday morning, the most in a single day since late April, according to CoinGlass.
- Total liquidations across crypto reached about $655 million and hit more than 104,000 traders.
- A liquidation is when an exchange automatically closes a leveraged bet that has moved too far against the trader.
Short sellers, who profit when prices fall, lost $504 million over the 24 hours to Monday morning, the most in a single day since late April, according to CoinGlass. Bets on rising prices lost just $151 million by comparison.
Total liquidations across crypto reached about $655 million and hit more than 104,000 traders. Bitcoin positions accounted for $315 million and ether for $201 million. The single biggest forced closure was a $12.3 million bitcoin futures position on the exchange OKX.
A liquidation is when an exchange automatically closes a leveraged bet that has moved too far against the trader.
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