Crypto Market Rebound Wipes Out Nearly $500 Million in Short Positions
A crypto market rebound caused over $468.5 million in short position liquidations over the last 24 hours, despite analyst warnings.Summary
The crypto market capitalization increased by 4.29% over the past day, leading to a significant squeeze on bearish traders. Total liquidations reached $575.59 million in 24 hours, with short positions accounting for $468.53 million of that total. Dogecoin (DOGE) surged 9.10%, while Ethereum (ETH) reclaimed the $2,000 level, and Bitcoin (BTC) climbed 4.76% to briefly touch $70,027. Bitcoin and ETH accounted for the majority of liquidations, with $194.95 million and $175.16 million in short liquidations, respectively. However, analysts caution that this rally may not signal a full trend reversal, noting that Open Interest has fallen, suggesting the move was driven by position unwinding rather than expanding structural demand. A sustained recovery will require increased spot trading volume.
(Source：BeInCrypto)