Cryptocurrency markets climbed on Tuesday night after a series of short liquidations pushed prices higher, with roughly $138.6 million in positions closed in the past 24 hours, according to Coinglass data. The rally was most pronounced in the large-cap tokens, led by Bitcoin and Ethereum.
Bitcoin traded near $88,470, gaining about 1.4% over 24 hours. Liquidations tied to Bitcoin totaled roughly $45.9 million, with shorts responsible for about $30.5 million of that amount. Retail sentiment on Stocktwits remained in an ‘bearish’ zone even as chatter increased from low to normal levels, and some observers noted that long-term holders have stopped selling (see this post).
Ethereum traded around $2,972, up about 1.2% over the day. ETH saw roughly $39.3 million in liquidations, with short positions making up about $25.9 million and longs about $13.4 million, suggesting leverage-driven movement rather than a clear trend reversal. Retail sentiment on Ethereum stayed in an ‘bearish’ area with low chatter.
Among altcoins, Cardano underperformed, falling to about $0.351 (down 0.1%) with roughly $0.26 million liquidated, mainly from long positions; retail sentiment remained in ‘bullish’ territory despite cooling chatter. Solana led large-cap gains near $125.30 (up ~1.5%) with about $3.9 million liquidated, while XRP, Binance Coin, Dogecoin, and tron saw smaller liquidation volumes and mixed retail sentiment.
Definitions: Liquidations — forced closures of leveraged positions when margin requirements are breached. Shorts — bets that an asset’s price will fall. Some market watchers also noted that Bitcoin would need nearly $6,000 in inflows to end the year in the green. The 24-hour liquidation total stood at about $138.6 million, with Bitcoin leading the move.
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