![Bitcoin liquidates $70M of short positions as it skyrocketed to $29,800 on rumors of spot ETF approval](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/10/insights-bitcoin.jpg&w=70&h=37&q=75)
Quick Take
The recent rumors of a spot ETF approval, as reported by Cointelegraph, have triggered a significant market reaction, with Bitcoin soaring as high as $29,800 over the past hour.
This sudden surge has led to an influx of liquidations, amounting to approximately $81 million. Interestingly, the bulk of these liquidations, roughly $70 million, were short positions. This suggests that a considerable number of traders were caught off guard by the ETF news, leading to an abrupt market adjustment and a squeeze of short positions.
![Liquidations: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/10/156.png)