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$107 Million in Bitcoin (BTC) Shorts Liquidated on Top Exchanges as BTC Breaks Above $48,400

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Thu, 02/11/2021 - 15:23
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Vladislav Sopov
Amidst developing euphoria, being Bitcoin (BTC) bear becomes really expensive
$107 Million in Bitcoin (BTC) Shorts Liquidated on Top Exchanges as BTC Breaks Above $48,400
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According to automated monitoring services, another Bitcoin (BTC) spike to an all-time high ended in a nine-digit massacre for disbelievers. Although the net sum of liquidations is still far lower than it was during the "Elon candle," thousands of bears saw their positions vanish in the last hour.

$107,000,000 in Bitcoin (BTC) shorts were liquidated in 30 minutes

As displayed by a liquidation tracking dashboard by cryptocurrency derivatives exchange ByBit, more than $100 million in Bitcoin (BTC) short positions were liquidated in less than half an hour.

Bitcoin (BTC) shorts witness massive liquidation
Image via ByBit

Bears started feeling the pain when Bitcoin (BTC) came back above $47,000. Bears from Binance Futures and Huobi Futures suffered the worst: each platform reported almost $40 million in liquidations.

As covered by U.Today recently, Tesla's report to the U.S. SEC made Bitcoin (BTC) bears from Binance say farewell to $57 million in one hour.

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$57,000,000 in Bitcoin (BTC) Shorts Liquidated on OKEx as BTC Breaks Above ATH

During the same period, Ethereum (ETH) traders onboarded by top exchanges have lost $5.7 million in short positions; half of this sum can be attributed to Huobi Futures.

Corporations are pushing Bitcoin (BTC) price through the roof

The ongoing Bitcoin (BTC) upsurge was catalyzed by Mastercard and BNY Mellon's u-turns regarding cryptocurrency. Both banking moguls unveiled their Bitcoin (BTC) roadmaps almost simultaneously.

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3 Reasons Why Bitcoin Just Hit New All-Time High

Meanwhile, Western corporations continued to add Bitcoin (BTC) to their lists. According to the most reliable tracker of this process, Bitcoin Treasuries by cryptocurrency OG Rodolfo Novak, more than 1,267,792 BTC are aggregated in fat cats' pockets.

That being said, publicly traded corporations, including those whose stocks are listed on "over-the-counter" desks only, are responsible for 6.04 percent of its available liquid supply.

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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 (Swap.online, Monoreto, Attic Lab etc.)