Crypto Liquidations Top $1.1 Billion as Bitcoin, Ethereum and Solana Prices Spike

Short traders have been pummeled over the last 24 hours as the prices of top crypto assets spiked, contributing to a total of $1.12 billion worth of crypto positions liquidated during that span.

According to data from CoinGlass, shorts make up the bulk of that figure, with nearly $777 million worth of positions liquidated over the past day. Short positions are bets that the price of a particular asset will fall, with long positions being the opposite. Some $350 million worth of longs were zapped in the same span.

bitcoin-four-minute-instant-guide-explainer" target="_blank" class="sc-adb616fe-0 bJsyml" rel="nofollow">Bitcoin usually leads the list of liquidations, but over the past day, it’s been ethereum-quickly-explained-four-minute-guide" target="_blank" class="sc-adb616fe-0 bJsyml" rel="nofollow">Ethereum traders weathering the most damage with $439 million worth of liquidations.

That’s because of Ethereum’s incredible price rise, with the asset skyrocketing nearly 25% over the last week to a current price of $2,303. Earlier Friday, the price rose to $2,448 for the first time in two months. The Ethereum jump comes amid this week’s launch of the long-awaited Pectra network upgrade.

Ethereum isn’t the only big gainer this week, however, even if its rise has outpaced most other giants. Bitcoin is up 5% to a current price of $102,858, dogecoin-altcoin-rally-bitcoin-flirts-100k" target="_blank" class="sc-adb616fe-0 bJsyml" rel="nofollow">topping $100,000 on Thursday for the first time since February. The top cryptocurrency touched a high of $103,890 earlier Friday, with $307 million worth of Bitcoin liquidations piling up over the last day.

Other big movers in the top 10 cryptocurrencies by market cap this week include Solana with a 12% rise and Dogecoin with a more than 11% climb on the week.

Solana yielded the third-most liquidations for any single asset over the last day with over $40 million worth, with Dogecoin a little further down the list with $19 million worth of liquidations.

Per CoinGlass, the single-largest liquidation over the last day came from a trader betting against Bitcoin, losing an $11.97 million position in the process.

Edited by Andrew Hayward