$34M in Crypto Liquidations in Just 1 Hour—Shorts Take the Biggest Hit

In Brief:

The market saw $34.2 million in liquidations in one hour, mostly from short positions.

Shorts accounted for over $32.6 million of the total, as prices moved higher.

According to real-time data from Coinglass, the crypto market experienced rapid liquidations totaling $34.2 million in the past hour. The overwhelming majority of these were short positions, which accounted for $32.6 million, indicating a sharp upward movement in asset prices that caught bearish traders off guard.

Long positions made up a much smaller share, totaling just $1.56 million in liquidations during the same period.

Liquidations occur when traders are forced to close leveraged positions due to unfavorable price movements. The dominance of short liquidations suggests a potential short squeeze event or a sudden bullish shift in market sentiment, especially if prices are approaching key resistance levels.

Traders are advised to watch closely for further volatility, especially if Bitcoin and other major assets continue to push higher.

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