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$130 Million in Shorts Liquidated as Bitcoin (BTC) Is Back Above $45,000

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Sun, 08/08/2021 - 14:20
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Vladislav Sopov
Surprising upsurge of crypto market capitalization resulted in massive liquidations for bears
$130 Million in Shorts Liquidated as Bitcoin (BTC) Is Back Above $45,000
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Bitcoin (BTC) expands its impressive growth, printing an almost 54% upsurge since the local bottom registered on July 20, 2021.

$130 million in shorts liquidated

As Bitcoin (BTC) and other crypto heavyweights are back to surging after a painful multi-month drop, thousands of bears have been liquidated.

Bitcoin (BTC) sees massive liquidations
Image by Bybt

 According to the liquidation dashboard by Bybt.com, cryptocurrency traders lost almost half a billion dollars due to a cascade of brutal liquidations.

Bitcoiners (BTC) lost $214 million, while bears are responsible for more than 60 percent of this massive number. A total of $129,890,000 in Bitcoin (BTC) short positions were liquidated across multiple derivatives exchanges.

The futures modules of Bybit, OKEx, Binance and Huobi witnessed more than two-thirds of this massive volume.

Most painful session for Ethereum (ETH) bears

At the same time, the largest single liquidation was registered on Ehereum's BitMEX positions. A trader from BitMEX lost $27.8 million in a single trade.

The Aug. 6 trading session became the most painful one for Ethereum (ETH) bears in almost three months.

Ethereum (ETH) bears slaughtered
Image by Bybt

As the second-largest crypto turned the $3,000 resistance into support after EIP-1559 activation, a gargantuan amount of $234 million in short positions was liquidated overnight.

Crypto market cap eyes 2T again
Image by CoinGecko

In the past two days, the net capitalization of cryptocurrencies markets spiked to almost $1.9 trillion after adding 18 percent in three days, according to CoinGecko. This metric is the highest since mid-May.

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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.)