$53M Bitcoin Shorts Liquidated In 1 Hour After Apex Coin Sharply Rises

Bitcoin BTC/USD short positions saw $53.21 million in liquidations over a one-hour period during the early hours of Wednesday.

What Happened: According to data from CoinGlass, the massive short BTC liquidations followed a sudden sharp move up by the leading digital asset.

See Also: Bitcoin, Ethereum Rise, Dogecoin In The Red — Crypto Divergence From Stocks Could 'Get Ugly,' Says Analyst

According to data from Benzinga Pro, BTC rose from $29,905 to an intra-day high of $31,377 over a three-hour period, squeezing short-sellers out of their positions.

Over the last 24 hours, BTC saw $101 million liquidated and Ethereum ETH/USD saw $69 million liquidated. A total of 101,699 traders were liquidated for a cumulative total of $272.44 million over the last day.

The single largest liquidation order took place on cryptocurrency exchange OKX for $5.54 million on a BTC/USDT perpetual swap.

BTC funding rates were largely positive across major crypto exchanges, indicating that traders are bullish and long traders pay funding to short traders.