Short sellers see maximum pain as crypto market pumps after inflation report

Short sellers see maximum pain as crypto market pumps after inflation report

Crypto short sellers saw massive liquidation in the last four hours as the market pumped on the back of inflation figures that stayed within expected limits.

CoinGlass data shows that more than 85% of the $151.24 crypto liquidations during the period were short positions – equivalent to roughly $130 million at press time.

Meanwhile, long liquidations over the same time were at just over $21 million at press time — less than 15%.

Meanwhile, liquidations reached a total of $223.65 million over a 24-hour time frame – with short liquidations of $175.82 million and longs of $48.76 million.

About 57,721 traders were liquidated in the last 24 hours.

BTC liquidations

Over the past four hours, just over $57 million was liquidated in BTC short positions as the flagship crypto breached $26,000. Long liquidations over the period amounted to 11.71 million dollars.

BTC was trading at $25,927 at press time after being rejected by resistance at $26,500.

Total BTC liquidations in the last 24 hours amounted to $103.61 million – of which $49.15 million were liquidated in the last four hours.

ETH liquidations

Ethereum short sellers saw similar pain during the period, with just under $40 million in short positions liquidated over the past four hours. Long liquidations were $4.65 million.

About $56 million in ETH positions were liquidated in the last 24 hours in total — with about $21 million liquidated in the last four hours, as of press time.

See also  Numeraire (NMR) crypto drops over 25%. Here's why

The largest single liquidation was an ETHUSD position and totaled $10.01 million, according to CoinGlass data.

Change numbers

The vast majority of liquidations in the last 24 hours – 34.28% – took place on Binance. Short liquidations made up 73.53% of the $75.83 million total and totaled $55.76 million.

OKX saw the second most liquidations – 22.08% – during the period, with short liquidations on the exchange totaling $42.07 million. Total liquidations on the stock exchange amounted to USD 48.84 million.

Bybit also saw a significant percentage of liquidations – 18.1% – during the period, with shorts contributing $27.47 million of a total of $40.04 million.

Disclaimer: Our authors’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Do your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *