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

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Mon, 02/08/2021 - 14:39
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Vladislav Sopov
Tesla's report to SEC resulted in a massacre for Bitcoin (BTC) shortists on OKEx, Glassnode data shows
$57,000,000 in Bitcoin (BTC) Shorts Liquidated on OKEx as BTC Breaks Above ATH
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Surprising Bitcoin (BTC) upsurge above all-time high is really painful for bears, data says. According to the chart shared by Mr. Rafael Schultze-Kraft, CTO of Glassnode, the net amount of liquidations can be jaw-dropping.

OKEx shorts suffer tremendous liquidations

Mr. Schultze-Kraft, chief technology officer of leading on-chain analytical firm Glassnode, has taken to Twitter to share a really dramatic chart for Bitcoin (BTC) bears. According to the chart, the ongoing Bitcoin (BTC) price spike created a slaughterhouse for an army of disbelievers.

Bitcoin (BTC) bears on OKEx are feelig pain
Image via Twitter

OKEx, one of the flagship cryptocurrency derivatives exchanges, has witnessed $57,000,000 Bitcoin (BTC) short positions liquidated in almost no time.

Bears from other exchanges do not feel any better. According to Cryptometer automated service, BitMEX traders lost more than $62,000,000 in liquidated shorts in the last 24 hours. It looks like most of this massive amount also vanished in the last hour.

BitMEX witnesses $62,5M in liquidated BTC shorts
Image by Cryptometer

That being said, the net volume of liquidated short positions across all major derivatives exchanges may be targeting 10-digit waters amidst an insane Bitcoin (BTC) rally.

Bitcoin (BTC) inches closer to $45,000

As covered by U.Today earlier today, the Tesla (TSLA) electric vehicles giant has reported a gargantuan Bitcoin (BTC) purchase to the U.S. SEC. Also, Elon Musk's company will enable Bitcoin (BTC) payments for their cars.

Related
Bitcoin Hits New All-Time High of $44,800 as Tesla Embraces BTC

The Bitcoin (BTC) price immediately spiked more than 15 percent in 30 minutes. It managed to print a new all-time high in the sub-$45,000 zone.

Due to increased traffic, the majority of Tier-1 exchanges went offline. For instance, users of Binance (BNB) and Crypto.com reported serious issues when accessing the platforms.

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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.)