Bitcoin Price Recovery Triggers $72.39 Million in Short Liquidations: Market Insights

Bitcoin Reclaims $11,500, Forces Massive Short Liquidations

Bitcoin (BTC) surged 1.59% on the 12th, regaining the critical $11,500 mark (approximately 154.8 million KRW). This upward movement sent shockwaves through the market, particularly for bearish traders holding short positions. Data from Coinglass reveals that 84% of Bitcoin liquidations during the day were tied to short positions, amounting to a staggering $72.39 million (975 billion KRW) in forced closures. The rapid price increase triggered widespread liquidations in the broader cryptocurrency market as investors scrambled to adjust their strategies.

$350.62 Million Liquidated Across the Cryptocurrency Market

Within a 24-hour window, the total liquidation volume across all cryptocurrencies reached an eye-watering $350.62 million (approximately 472.2 billion KRW), according to Coinglass metrics. Short positions accounted for the lion’s share of liquidations, with $231.24 million (311.3 billion KRW) liquidated, significantly outstripping long position liquidations which tallied just $119.39 million (160.9 billion KRW). The disparity underscores the impact of sudden bullish momentum on bearish traders.

The market saw a total of 114,098 liquidation cases during the period, with the largest single liquidation recorded on the Bybit BTCUSD contract for $5 million (approximately 6.7 billion KRW).

Ethereum Leads Liquidation Rankings

Ethereum (ETH) topped individual asset liquidation volumes at $96.33 million (approximately 129.8 billion KRW). ETH prices jumped by an impressive 3.51%, leading to $66.86 million (approximately 90 billion KRW) cleared from short positions. Bitcoin (BTC) followed closely, recording total liquidations of $86.14 million (approximately 116 billion KRW). Short positions on BTC led the activity, accounting for a dominant 84% of the liquidations, or $72.39 million (approximately 97.5 billion KRW).

Other altcoins also exhibited significant liquidation figures as market-wide price recovery gained traction. Solana (SOL) climbed 3.99%, forcing $35.79 million (approximately 48.2 billion KRW) in liquidations, while Dogecoin (DOGE) soared by 6.06%, triggering $8.62 million (approximately 11.6 billion KRW) in short closures. Smaller assets like Sui (SUI) saw $740,000 (approximately 1 billion KRW) in liquidations, and Hype (HYPE) recorded $1.29 million (approximately 1.7 billion KRW) in liquidated positions as investors grappled with volatile conditions.

Trading Volumes Surge Amid Strengthening Market Activity

Amid heightened market activity, trading volume increased by 7.89% compared to the previous day, reaching $31.66 billion (approximately 426.87 trillion KRW). The spike in trading activity reflects a growing appetite among investors following Bitcoin’s recovery. Open interest also experienced a notable rise of 3.51%, climbing to $22.19 billion (approximately 299.17 trillion KRW).

Investor sentiment, as measured by the Alternative Fear & Greed Index, edged higher. The index rose from 54 to 57 points, solidifying its position in the "Greed" zone and indicating growing confidence in bullish market conditions.

As cryptocurrency markets continue to display upward momentum, traders and investors alike must remain vigilant of rapid price shifts that could lead to further liquidations and high volatility. For ongoing updates, follow Block Media on Telegram.

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