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$100 Million in Bitcoin (BTC) Positions Liquidated in Most Painful Session for Bears in Months

Thu, 06/22/2023 - 12:02
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Vladislav Sopov
Short positions against Bitcoin (BTC) price upsurge are responsible for 80% of liquidations in crypto registered in last 24 hours
$100 Million in Bitcoin (BTC) Positions Liquidated in Most Painful Session for Bears in Months
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The last 48 hours have been a nightmare for bears in crypto. Those who considered the ongoing upsurge a "dead cat bounce" and opened short positions witnessed nine-digit liquidations. For bearish traders of Bitcoin (BTC) and some altcoins, yesterday's session was the most merciless since early Q1, 2023.

$227 million in shorts and longs liquidated as crypto recovers

On June 21, 2023, tens of thousands of traders were liquidated thanks to the increased volatility of major cryptocurrencies. In total, $226,998,000 in short and long positions were erased across multiple coins. Bears are responsible for about 80% of these liquidations.

Bears lost over $125 million in 48 hours
Image by Coinglass

According to statistics shared by crypto analytics system Coinglass (formerly Bybt), Bitcoin (BTC) bears lost $80.93 million yesterday. By contrast, the losses of bulls were four times lower.

That said, the largest liquidation of Bitcoin (BTC) shorts in more than three months was registered by analysts. Also, Litecoin (LTC) bears came through the most painful session in months with over $2.72 million lost.

Although Ethereum (ETH) traders were not affected much, the largest single liquidation was spotted in the ETH/USD long position on BitMEX: an unlucky trader lost $2.1 million in one deal.

Flamingo Finance (FLM), Sui Network (SUI), Bitcoin Cash (BCH) and XRP traders were also hit by increased volatility.

PEPE traders among worst sufferers of crypto volatility

Meme coin traders also faced notable liquidations. Over $10 million was lost by PEPE bulls and bears, while DOGE enthusiasts lost $2.59 million in the last 24 hours.

PEPE Jumps 38% to Define Growth Pace for Meme Coin

In the last six days, the net capitalization of cryptocurrency markets increased by 15%. Bitcoin (BTC), the largest cryptocurrency, jumped by more than 22.1% in one week.

The upsurge of cryptocurrency prices and volatility should be attributed to yet another phase of euphoria around Bitcoin ETFs.

Breaking: Bitcoin Soars Past $30,000 Following BlackRock's and Invesco's ETF Applications

In recent days, a number of asset management heavyweights, including BlackRock, Fidelity, Invesco and so on, shared its plans to request Bitcoin ETF approvals from the U.S. SEC.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)