Bitcoin liquidates $70M of short positions as it skyrocketed to $29,800 on rumors of spot ETF approval

False spot ETF approval rumor triggered a $70M short squeeze as Bitcoin price leapt to $29,800.

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Make preferred on Google logo

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)
Liquidations: (Source: Coinglass)