The market recently experienced significant liquidations, with bullish bets also being affected. Across various digital assets, bearish bets led to most liquidations. According to Coinglass data, Bitcoin alone saw over $30 million in short liquidations, while Ethereum had over $21 million. Additionally, meme coin Pepe witnessed over $2.9 million in short liquidations as its prices surged.
At the time of this report, the market recorded over $155 million in liquidations within 24 hours, with shorts accounting for over $94 million. However, there is caution that prices may shift due to ongoing sell-off pressure, evidenced by Bitcoin and Ethereum trading lower following news related to Mt. Gox, which allowed bears to push prices down. Despite this, general sentiment remains positive, and there are net inflows.
Cryptocurrency analyst Michael van de Poppe indicates that if Bitcoin stabilizes above $65k, it may enable bulls to target a new high.
