Bitcoin's 11% Surge Torpedo Short Sellers, Sparks Bull Run Optimism Among Experts
Summary:
Bitcoin short traders have faced significant losses as the cryptocurrency soared 11% to an annual high of $57,000, resulting in $161 million in BTC shorts liquidated in 24 hours. Ethereum short sellers also experienced a blow with $44 million liquidations. The spurt in Bitcoin's price led to more than $270 million in liquidated short positions overall. With trading volumes mirroring those of November 2021's bull run peak, the market is witnessing considerable institutional investments into US Bitcoin ETFs, prompting industry experts to forecast the start of a bullish phase for Bitcoin.
Bearish Bitcoin traders have incurred significant losses as Bitcoin's price surged by almost 11% to register a new annual peak of $57,000. Crypto data aggregator, Coinglass, informs that Bitcoin short positions worth more than $161 million were wiped out within the last day. Ethereum shortists faced a similar fate as almost $44 million were squashed in the same period. As Bitcoin briefly hit $57,000, over $268 million in short positions faced liquidation. In total, short positions worth more than $270 million were liquidated as Bitcoin's price spiked upwards. According to CoinGlass data, in the last 24 hours, more than $270 million worth of short bets were eliminated.
Bitcoin's price rise of 10.8% from $51,471 to $57,035 in less than a day, as reported by TradingView, drove the broader market. Although Bitcoin's price has now settled around $56,000, it has surged 32% in the last month. Swyftx lead analyst Pav Hundal told Cointelegraph that the current cryptocurrency market is ablaze. He mentioned that retail trade volumes are reminiscent of last November's bull run peak and institutional purchase pressure is staggering.
Hundal and others have taken note of the substantial institutional investments pouring into the newly authorized spot Bitcoin exchange-traded funds (ETFs) in the United States. According to Farside data, on Feb. 26, the ten Bitcoin ETFs witnessed a record-breaking net inflow of over $515 million since their approval on Jan. 11. Hundal disclosed that ETFs alone are consuming nearly 25% of Bitcoin's current network production. He and others, including Tyler Winklevoss, co-founder of U.S.-based crypto exchange Gemini, and Bitcoin optimist Dan Held, have shown excitement about Bitcoin's future price, indicating the possible onset of a bull run.
Published At
2/27/2024 8:58:03 AM
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