Bitcoin and Ethereum See Over $50M in Short Liquidations as Prices Surge to Multi-Week Highs

Crypto prices have been generally up since the weekend, a trend noted by analysts at Bitfinex over the past two months.

Bitcoin and Ethereum traders faced more than $50 million in short liquidations during the last 24 hours, which occurred as prices quickly ascended to multi-week highs.

While the majority of the liquidation volume stemmed from shorts, bullish bets also encountered losses, with more than $58 million in long positions liquidated throughout the market.

However, early trading hours on Wednesday saw the market surge higher, with Bitcoin (BTC) rising from lows of $64K to above $66K on major exchanges, while Ethereum (ETH) climbed above $3,500.

This price surge resulted in widespread liquidations, as indicated by data from Coinglass. Bearish bets accounted for the largest portion of liquidations across many digital assets.

According to Coinglass, Bitcoin alone experienced more than $30 million in short liquidations, while Ethereum had over $21 million.

Other top altcoins and meme coins also experienced significant liquidations, including Solana with over $4 million, Worldcoin with more than $4.9 million, and XRP with over $4.5 million in short positions liquidated.

Meanwhile, meme coin Pepe saw over $2.9 million in short liquidations as prices rose.

Overall, the market recorded over $155 million in liquidations in 24 hours at the time of writing, with more than $94 million of this being shorts.

Are bulls in charge?

Crypto prices have generally been rising since the weekend, a trend noted by analysts at Bitfinex over the past two months.

However, they warned that prices might reverse during the week due to ongoing sell-off pressure, as observed on Tuesday when Bitcoin and Ethereum slipped lower following news related to Mt. Gox, allowing bears to push prices down.

Despite this, sentiment remains largely positive, and net inflows are on a streak. Crypto analyst Michael van de Poppe suggests that if BTC stabilizes above $65K, it may allow bulls to target a new high.

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