After Bitcoin rebounded sharply from last week's lows, leveraged short positions faced a wave of liquidations. CoinGlass data shows that in the 24 hours ending Monday morning, traders shorting Bitcoin lost a total of approximately $504 million, marking the largest single-day short liquidation since late April.
Liquidation volume rises to near six-week high
The total liquidation of crypto assets across the market amounted to approximately $655 million, affecting over 104,000 traders. Of this, approximately $315 million were Bitcoin positions liquidated, and approximately $201 million were Ethereum positions liquidated. The largest single forced liquidation occurred on OKX, involving a Bitcoin futures position worth $12.3 million.
Liquidation refers to the forced closing of leveraged positions by the system when losses reach a threshold set by the exchange.
The rebound briefly approached $63,800.
Previously, Bitcoin had fallen nearly 14% last week, briefly dipping below $60,000. CoinDesk reported that some traders continued to add to their short positions near the lows, but the subsequent rapid price rebound caused a concentrated squeeze out of these short positions.
- Bitcoin short sellers lost $504 million in the last 24 hours.
- Total market clearing amount: US$655 million
- Affected traders: Over 104,000
The situation in the Middle East caused prices to fall.
CoinDesk data shows that Bitcoin rose to nearly $63,800 on Sunday, and reached a high of around $63,700 on Monday morning. However, this rebound slowed down on Monday.
Global risk assets came under pressure as military action between Iran and Israel escalated again. The report noted that international oil prices rose by more than 3%, Asian stock markets declined significantly, and South Korea's KOSPI index fell by nearly 7%. Against this backdrop, Bitcoin retreated from its highs to around $62,900, but remained above last week's lows.
The market is also awaiting the release of US inflation data and progress on a number of large IPOs. CoinDesk believes that, given these interplay of factors, Bitcoin's short-term volatility may remain high.
