Crypto traders betting on a market drop were hit with major liquidations as Bitcoin surged to an all-time high above $81,000, causing widespread losses in short positions.
CoinGlass data showed that in the last 12 hours, about $180 million in short positions were liquidated across the crypto market.
Bitcoin (BTC) has continued to rally in the wake of President-elect Donald Trump’s US election win, spiking more than 6% to an all-time high of $81,358 on Nov. 10, according to CoinGecko.
In the last 12 hours, about $180 million in short positions were liquidated from the crypto market. Source: CoinGlass
Bitcoin shorters were the hardest hit, with $67 million in liquated positions, followed by about $23 million for those shorting Dogecoin and $21 million for Ether (ETH).
At the same time, $256 million in long bets were also liquated. In the last 24 hours, CoinGlass reported that at least 218,206 traders’ positions liquidated, with the total climbing to $682.7 million, including short and long positions.
The most significant single liquidation of $15.6 million was a user on the crypto exchange OKX swapping Bitcoin to Tether (USDT).
Traders shorting Bitcoin were hit with the most liquidations across the crypto market in the last 24 hours. Source: CoinGlass
In the last 30 days, Nov. 6 saw the highest number of short positions liquidated, almost hitting $350 million as Bitcoin briefly dipped below $69,000 in the leadup to the US election.
According to the analytics platform TradingView, Bitcoin’s moves have also pushed its market dominance back above 59%, close to its high of 60% on Oct. 1, the highest it’s been since April 2021.
Related: Crypto greed index taps 7-month high as Bitcoin surges past $81K
Overall, market sentiment has been bullish since Trump’s victory and pro-crypto politicians winning seats in the Senate and House of Representatives.
In a note to Cointelegraph, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, said the spike in price was part of the “Trump Effect” as retail investors returned to crypto.
Domestically, she said BTC Markets saw a 300% increase in user logins last week, “the highest in the past six months — signaling the return of retail investors as Trump’s political resurgence reverberates through global financial markets.”
In a Nov. 10 post to X, onchain analyst James Check said Bitcoin had entered the “Euphoria zone by convincingly breaking through the previous cycles ATH.”
Source: Checkmate
“However, it is doing so with a relatively cooled down Market Value to Realized Value Ratio,” he said.
“The 8-months of chopsolidation allowed investors to acclimate to higher prices, forming a firm foundation for launch,” Check added.
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