Bitcoin Short Sellers Lose Over $28,000 As BTC Sprints $100M
The last 24 hours have been challenging for short sellers as Bitcoin (BTC) has regained the $28,000 mark after spending nearly a month below it. Over $100 million worth of shorts have been picked up as a result.
October put a bit of pressure on the crypto bears. And according to historical bullish patterns in October, the push may just be starting.
Liquidation of Crypto short positions worth over $100 million
According to data from Coinglass, traders lost more than $117.99 million due to liquidity charges in the last 24 hours. While some long positions were also liquidated, most of the losses came from short positions.
In the past 24 hours, short sellers have eaten more than $100 million in losses.
Read More: What Are Perpetual Futures Contracts in Cryptocurrency?
The markets have seen price increases especially in the last 12 hours. The data shows that more than $84 million worth of short positions were canceled in the last 12 hours.
The liquidation comes as BTC is trading at $28,416, up nearly 5%. Meanwhile, the price of Ethereum (ETH) increased by 3.2% in the last 24 hours.
Among the top 20 cryptocurrencies based on market capitalization, Solana (SOL) has the highest 24-hour value. As of writing, it was up 11.48% at $24.11. Meanwhile, BeenCrypto reports that Solana's Total Value Locked (TVL) has reached $337.49 million, the highest in 2023.
Read more: How to buy Solana (SOL) and everything you need to know
‘Uptober?'
The screenshot below shows that October has historically been a big month for Bitcoin. Since 2013, BTC has given negative returns only twice in 2014 and again in 2018.
For this reason, some members of the crypto community have coined the term “Uptober”, referring to the typical bullish price action in October:
“Another UPtober for Bitcoin??”
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