![Bitcoin rally triggers over $36 million in shorts liquidations](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/12/bitcoin-rally-dragon-1.jpg&w=70&h=37&q=75)
Quick Take
December has started on a bullish note for Bitcoin, with the opening price over $38,000 and a high brushing just under the $38,400 mark.
This price surge has had a significant impact on the digital asset market. In the past 24 hours, approximately $36.88 million worth of short positions have been liquidated. According to Coinglass, Binance shouldered the brunt of these liquidations, accounting for just $15.62 million in liquidated shorts.
Meanwhile, roughly $500 million of liquidation leverage is sitting between the current price of Bitcoin at $38,300 and $39,000.
![liquidation heatmap binance](https://cryptoslate.com/wp-content/uploads/2023/12/Liq.png)
Furthermore, this price uptick has sparked a rise in Bitcoin open interest. Open interest represents the total number of outstanding Bitcoin futures or options contracts in circulation at a given time, indicating the amount of capital committed to Bitcoin derivatives. Open interest has seen a 4% rise over the past 24 hours. Consequently, Binance has emerged as the leading exchange in terms of Bitcoin open interest.
![bitcoin futures open interest](https://cryptoslate.com/wp-content/uploads/2023/12/op.png)