The cryptocurrency market is experiencing a surge in short liquidations as major assets, including Bitcoin, gain bullish momentum.
According to Coinglass data, total liquidations over the past 24 hours exceeded $192 million, with more than $145 million coming from short positions and the remaining $46 million from longs. Bitcoin alone saw $63 million in liquidations—$55 million from shorts and $7.7 million from longs—as it surpassed the $66,000 mark on October 14. Currently, BTC is up 2.3% over the last 24 hours, trading at $65,300.
Ethereum is in second place with $37 million in daily liquidations—$30 million in shorts and $7 million in longs. Thanks to the short liquidations, the leading altcoin broke the $2,600 mark for the first time in two weeks. The largest single liquidation order, worth $5.2 million in the ETH/USDT pair, occurred on Binance, the top crypto exchange by trading volume.
Binance accounted for $94 million of the total liquidations, with short positions dominating at 76%.
Despite the surge in liquidations, total open interest in the crypto market rose by 4.7%, reaching $69.5 billion, indicating signs of FOMO and greed.
Data from CoinGecko reveals that the global crypto market capitalization has increased by over $109 billion in the past day, now sitting at $2.406 trillion. Bitcoin holds a 54.2% dominance in the market, with a total market cap approaching $1.3 trillion. Another factor driving Bitcoin’s price upward is the notable influx into U.S.-based spot BTC exchange-traded funds, which recorded $555.9 million in inflows on Monday—a four-month high.