- Nearly $500 million in leveraged cryptocurrency positions were liquidated within 24 hours, mainly from short positions.
- Bitcoin led the rebound, rising 7.3% after a recent sell-off, with major altcoins like Cardano, Solana, and Dogecoin posting double-digit percentage gains.
- Most liquidations were from short positions, with $226 million in Bitcoin shorts and $86 million in Ethereum shorts closed.
- Market sentiment began to shift after the U.S. Bitcoin ETF ban was lifted, and expectations rose for a possible U.S. interest rate cut.
Almost $500 million in leveraged crypto trades were liquidated over the past 24 hours as prices surged across the market. Data from CoinGlass showed roughly $419 million of these liquidations came from traders betting against price increases, known as short positions. This includes about $226 million in Bitcoin (BTC) shorts, $86 million in Ethereum (ETH) shorts, and $20 million in Solana (SOL) shorts.
The liquidations followed a rapid recovery in cryptocurrency prices early Wednesday. Bitcoin climbed more than 7%, passing $93,000 after a steep decline earlier in the week. Ethereum also rose nearly 9%, and Solana gained 11.5% over the same period. Despite these rises, retail sentiment for both tokens remained largely bearish, according to Stocktwits data.
The broader digital asset market rose by 6.2% to a total valuation of $3.23 trillion. Among major cryptocurrencies, Cardano (ADA) led with a price jump of over 13% and a shift in investor sentiment from bearish to bullish. Meme coin Dogecoin (DOGE) also gained more than 10%. XRP registered an 8% increase, while Binance Coin (BNB) climbed over 7%.
Analysts attributed the turnaround to regulatory developments in the U.S. According to Bloomberg analyst Eric Balchunas, “Vanguard saving Bitcoin was not on my 2025 bingo card, I can tell you that,” after the ban on U.S. Bitcoin ETFs was lifted—helping trigger a fresh rally. He observed that Bitcoin spiked about 6% as U.S. markets opened and highlighted strong ETF trading activity, with IBIT seeing $1 billion in volume within half an hour, as he noted in this update.
QCP Capital CEO Melvin Deng told Bloomberg that the market is now in a wait-and-see mode, with Bitcoin consolidating near $95,000—about 5% above Monday’s recent lows. Stock and currency markets remained steady ahead of next week’s Federal Open Market Committee (FOMC) meeting. The CME Group’s Fed Watch Tool indicated a 97% chance of a 0.25% interest rate cut, according to their data.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bitcoin Shorts Poised for $570M Liquidation Above $93K
- Three Critical Flaws Found in Picklescan Risk PyTorch Model Security
- Greenfield Study Shows DeFi Valuations Driven by Key Fundamentals
- Binance Co-Founder Yi He Named Co-CEO Alongside Richard Teng
- XRP Price Fluctuates Near $2; Experts Split on Buy, Hold, Sell
