Bitcoin price rollercoaster costs $360M from long and short sellers.
Bitcoin (BTC) hit a new all-time high of $73,050 before falling below $70,000 on March 12, with over $361 million worth of leveraged trades lost in the past 24 hours.
The price swings mostly wiped out long positions – those who were betting – by $258 million, while short sellers were kicked out by more than $103 million, according to data from crypto trading and data platform Coinglass.
It was the biggest long run since March 5, after Bitcoin touched a previous all-time high of $69,000.
Volatility has not been severe this time around, with Bitcoin's price fluctuating 4.85% between its March 12 low of $69,365 and $72,733, according to CoinGecko.
Since then, Bitcoin has reached $71,400 at the time of publication.
A spokesperson for 10x Research told Cointelegraph that the increased volatility may be due to traders expecting a price correction.
“Traders are worried that we could see a price correction as Bitcoin has failed to rally this season [United States] Trading hours when ETFs start trading.
“At the same time, there's massive FOMO going on,” which could mean the rally will continue, the spokesperson added.
10x Research also suspected that the futures open interest increased by 5% over the weekend – March 9 and 10 – which was placed on tight stops.
Related: Bitcoin Short Sellers Are Out $161M As Bitcoin Surges With 11% Rally
Bitcoin and Ether (ETH) transactions accounted for the most transactions in the last 24 hours at $106.3 million and $73.3 million respectively.
Solana (SOL), Dogecoin (DOGE) and Bitcoin-based memecoin Ordi (ORDI) also saw significant liquidity.
The most short and long liquidations occurred on the crypto exchange OKX, with a total of 152 million dollars, Binance traders saw a combined loss of 128.4 million dollars.
In the year Short sellers lost more than $6 billion in publicly traded crypto companies as bitcoin rallied 130% to $37,800 in the first 11 months of 2023, according to research firm S3 Partners.
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