Short sellers lose over $200M with crypto market’s continued rally Short sellers lose over $200M with crypto market’s continued rally
Bitcoin investors appeared to be taking profit as the market witnessed the largest sell pressure of over $500 million.
2 min read
Updated: Mar. 14, 2023 at 10:17 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Short sellers hit significant losses as the crypto market’s continued rally has liquidated over $200 million in positions against the industry, according to Coinglass data.
Over the last 24 hours, the total liquidations were $217 million and affected 57,332 traders — of which 72% were short traders. The largest single liquidation happened on BitMex and was worth $7.08 Nikon, according to Coinglass data.
A breakdown of the liquidations among the crypto assets showed that Bitcoin (BTC) and Ethereum (ETH) were responsible for $154.25 million. Other crypto assets like Litecoin (LTC), Optimism (OP), Solana (SOL), Aptos (APT), Cardano (ADA), etc., made up the balance.
Across exchanges, Binance was responsible for the liquidation of $81.63 million. OKX and ByBit also recorded significant liquidations on their platforms. The two exchanges liquidated $87.24 million combined.
Bitcoin traders are taking profit
Meanwhile, Bitcoin investors appear to be taking some profit from the recent market rally.
BTC gained ground on altcoins amid the collapse of crypto-friendly banks like Silicon Valley Bank, according to Blockchain analytical firm Santiment.
21,524 BTC were moved back to exchanges within one day, equating to 0.11% of the asset’s supply. This means that crypto exchanges saw the largest BTC net inflow of coins in six months on March 13.
CryptoSlate’s Insight report corroborated Santiment’s data. According to the report, a large whale sold roughly 20,000 BTC worth over $500 million on Binance, adding that this was the highest since Terra’s collapse.
Meanwhile, Santiment suggested that this meant Bitcoin traders were taking profits. Current market sentiments also showed that crypto investors have moved from “neutral” to “greedy” within the last 24 hours, according to alternative.me’s Fear & Greed Index.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,450.44
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$196.141
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Cardano
$0.90279
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Aptos
$9.35532
Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
Litecoin
$108.186
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Optimism
$1.88030
Optimism is a layer-2 scaling network for the Ethereum blockchain.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.