Nearly $240 million shorts liquidated as Bitcoin breaks above $22K

Bitcoin (BTC/USD) is up 4.4% in the past 24 hours and nearly 7% higher over the past week to trade around $22,207 (at the time of writing).

The flagship cryptocurrency’s upside comes amid a positive weekend for crypto, catalysed by huge moves for Ethereum (ETH/USD). At the time of writing, Ethereum is trading near $1,480 – about 10% up in the past 24 hours and +27% over the week.

There have been decent gains across the rest of the top ten cryptocurrencies too, with the total crypto market cap now above the $1 trillion mark.

Over $237 in short liquidations

Amid the bullish bounce for BTC and ETH, more than $360 million in liquidations have been recorded across the market. 

According to data tracking site Coinglass, 79,302 traders were liquidated in the past 24 hours, bringing total liquidations to $362.45 million.

Of these, 65.5% were shorts across leading cryptocurrency exchanges and account for more than $237 million of the total 24 rekt volume.

OKX saw the highest liquidation orders at over $92.28 million, while FTX and Binance have also had huge volumes at $56.33 million and $46.57 million respectively.

Ethereum has seen the most liquidations (longs/shorts) over the past 24 hours, with more than $211 million (211,000 ETH). Bitcoin has seen over $72 million worth of trader positions liquidated (3,240 BTC). The liquidations have mounted since the weekend, as can be seen from the chart below shared by Glassnode.

Per data on Coinglass, FTX has had the largest single liquidation order over the past 24-hour period – a $2.83 million ETH-PERP contract.

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