After a range-bound weekend, Bitcoin surged to $66,000 today. Data indicates that around $101.4 million in short positions were liquidated. As Bitcoin’s price rose, crypto derivatives traders who had bet on a market decline faced nearly $100 million in losses. Bitcoin gained 5.73% from the previous day, reaching a peak of $66,178, the highest level so far in October. CoinGlass data shows that the rapid price increase caused significant liquidations of short positions across the crypto market.
Is “Uptober” Starting?
- Over $166 million was liquidated from 54,649 traders, with Bitcoin shorts accounting for $52.33 million and Ether shorts for $27.26 million. Bitcoin’s market dominance is approaching its highest point since April 2021, now surpassing 58%, according to TradingView, driven by its recent surge.
- Historically, October has delivered positive returns for Bitcoin in nine of the last eleven years, leading analysts to speculate about the beginning of “Uptober.” Bitcoiner Kyle Chassé highlighted the excitement in the market to his 219,000 followers on X on October 14th.
- Ether also experienced a significant recovery, climbing above $2,600 with a 7.76% gain. Other altcoins, including Solana, followed suit, with Solana increasing by 7.56%.
- CoinShares reported that global crypto funds saw $407 million in inflows last week, led by major firms like BlackRock, Fidelity, Bitwise, Grayscale, and ProShares. This marked a significant reversal after a $147 million outflow the previous week.
