Bitcoin short sellers are facing significant losses as Bitcoin (BTC) surged by nearly 11% to hit a new yearly high of $57,000. According to data from CoinGlass, over $161 million in BTC shorts were liquidated in the last 24 hours, alongside almost $44 million in Ether (ETH) shorts.
Traders witnessed more than $268 million in short positions being liquidated as Bitcoin briefly touched the $57,000 mark, with total liquidations surpassing $270 million during the upward spike.
The broader market rally was primarily driven by Bitcoin’s massive surge, climbing 10.8% from $51,471 to $57,035 within a day. While Bitcoin has cooled off slightly to around $56,000, it still marks a 32% increase in the past month.
Swyftx lead analyst Pav Hundal described the crypto market as “on fire,” noting significant retail trade volumes reminiscent of the last bull run in November 2021, coupled with substantial institutional buying pressure.
Hundal attributed part of the market enthusiasm to the substantial inflows into approved spot Bitcoin exchange-traded funds (ETFs) in the U.S., with net inflows surpassing $515 million on Feb. 26, marking one of the highest days of inflows since ETF approval.
Market pundits also expressed optimism on social media, with Tyler Winklevoss, co-founder of Gemini exchange, stating, “We’re so back!” Meanwhile, BTC bull Dan Held labeled the day’s price action as “the beginning of the Bitcoin bull run.”
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up