Bitcoin’s Soaring Surge Unveils the Biggest Loss in the Last 2 Months: $178 Million Short Burst!

• Bitcoin surges above $30,000 in the last 24 hours, resulting in the highest short position liquidation since April.
• On-chain analytics platform Coinglass reports $178 million worth of short positions liquidated between June 20-21.
• This is the largest short position liquidation since the $246 million liquidation in April.

Bitcoin’s price surge in the past 24 hours has led to a significant liquidation of short positions. According to data from on-chain analytics platform Coinglass, a total of $178 million worth of short positions were liquidated in the cryptocurrency market between June 20 and 21.

Bitcoin Short Position Liquidation Reaches $178 Million in 24 Hours

This liquidation amount is recorded as the largest short position liquidation since the $246 million liquidation on April 14. The total liquidation amount is calculated to be $203 million, with $25 million worth of long positions liquidated.

The current liquidation amount in the past 24 hours is reported to be $144 million for short positions and $81 million for long positions, totaling $225 million. Among the exchanges, Bitmex has the highest short position liquidation rate at 96.05%, with a total liquidation of $71 million and $49 million in short positions liquidated on Binance, which hosted the highest total liquidation and short position liquidation amount.

Meanwhile, $82 million of the liquidation amount occurred in Bitcoin, while liquidations in Ethereum (ETH) amounted to $52 million.

During this period, Bitcoin’s total market value reached $581 billion. The total market value of cryptocurrencies also increased by 3% to reach $1.2 trillion.

According to CMC data, Bitcoin has gained 10% in value in the last 30 days and has experienced a 3.5% increase in the past 24 hours, currently trading at $30,101.