$53M Bitcoin Shorts Liquidated In 1 Hour

Bitcoin BTC/USD short positions saw $53.21 million in liquidations over a one-hour period during the early hours of Wednesday.

What Happened: According to data from CoinGlass, the massive short BTC liquidations followed a sudden sharp move up by the leading digital asset.

According to data from Benzinga Pro, BTC rose from $29,905 to an intra-day high of $31,377 over a three-hour period, squeezing short-sellers out of their positions.

Over the last 24 hours, BTC saw $101 million liquidated and Ethereum ETH/USD saw $69 million liquidated. A total of 101,699 traders were liquidated for a cumulative total of $272.44 million over the last day.

The single largest liquidation order took place on cryptocurrency exchange OKX for $5.54 million on a BTC/USDT perpetual swap.

BTC funding rates were largely positive across major crypto exchanges, indicating that traders are bullish and long traders pay funding to short traders.

Market News and Data brought to you by Benzinga APIs

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$53M Bitcoin Shorts Liquidated In 1 Hour After Apex Coin Sharply Rises