Bitcoin and Ethereum Experience Surge in Short Liquidations, Pushing Both Assets into a Bullish Trend

According to Coinglass data, total crypto liquidations have reached $138.23 million, indicating a bullish market sentiment.

Bitcoin and Ethereum experienced a surge in short liquidations on Friday, pushing both assets into a bullish trend.

According to data from Coinglass, total crypto liquidations reached $138.23 million, indicating a bullish market sentiment. Notably, $95 million of these liquidations came from short positions, accounting for 71% of the total, which could further drive buying pressure.

Ethereum Takes the Lead

Ethereum (ETH) led the way with $27.69 million in liquidations, including $23.84 million from shorts and $3.85 million from longs. Over the past 24 hours, Ethereum's price rose by 3.1%, now trading at $2,730.

Ethereum's daily trading volume soared by 117%, reaching $17.4 billion, reflecting strong investor interest in the asset. The largest single liquidation order, valued at $6.64 million, occurred on Binance in the ETH/USDT pair.

Bitcoin Sees Positive Movement

Bitcoin (BTC) followed with $25 million in liquidations, including $21 million from shorts and $4 million from longs. This activity helped propel Bitcoin to a four-month high of $69,460, with a slight correction to $68,700, still up 0.45% over the past day.

Bitcoin's daily trading volume increased by 74%, reaching $24 billion, showing strong market engagement in the leading cryptocurrency.

Overall Market Performance

The global crypto market cap hit a three-month high of $2.49 trillion, driven by gains across most major alt-coins, according to CoinGecko.

If long positions start to liquidate, selling pressure could emerge as traders attempt to minimize losses.

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