In the past 24 hours, over $680 million in cryptocurrency positions were forcibly closed, with short traders bearing the brunt of the impact as Bitcoin surged to above $121,000. This rally led to approximately $426 million of those liquidations coming from bearish positions, marking one of the largest liquidation events in recent times.

• BTC alone accounted for $291 million in forced closures, while futures based on Ether (ETH) and XRP followed with $68 million and $17 million respectively.
• The significant selling pressure was highlighted by a single order valued at $92.5 million getting liquidated on HTX, showcasing the immense volatility currently affecting the derivatives markets.

Bitcoin Surge

The recent price movement has sparked broader attention in major crypto assets, with institutional players increasingly influencing market dynamics. The focus now shifts towards the potential for Bitcoin to reach the $130,000 milestone shortly.

! Market Liquidation Data

Liquidation events occur when leveraged traders are compelled to close their positions due to margin calls, serving as both a signal for overexposure in the market and a means to reset conditions for future trading.