Bitcoin (CRYPTO: BTC) short positions saw $53.21 million in liquidations over a one-hour period during the early hours of Wednesday.
What Happened: According to data from CoinGlass, the massive short BTC liquidations followed a sudden sharp move up by the leading digital asset.
According to data from Benzinga Pro, BTC rose from $29,905 to an intra-day high of $31,377 over a three-hour period, squeezing short-sellers out of their positions.
Over the last 24 hours, BTC saw $101 million liquidated and Ethereum (CRYPTO: ETH) saw $69 million liquidated. A total of 101,699 traders were liquidated for a cumulative total of $272.44 million over the last day.
The single largest liquidation order took place on cryptocurrency exchange OKX for $5.54 million on a BTC/USDT perpetual swap.
BTC funding rates were largely positive across major crypto exchanges, indicating that traders are bullish and long traders pay funding to short traders.
