Rally in Bitcoin Upset the Bears! While BTC Exceeded $35,000, $400 Million Evaporated!

Bitcoin, which has made a strong start to October, known as the bullish month, has recently risen to its highest level in nearly two years, driven by increasing speculation that official approval for spot

Bitcoin

ETFs is imminent.

Bitcoin, which rose above $ 35,000 for the first time since May 2022, caused a great movement in the market. At this point, there has been a significant increase in BTC and altcoins in the last 24 hours. While BTC exceeded $ 35,000 with an increase of over 11%, many altcoins also increased.

Apart from BTC, there were also major increases in altcoins such as Ethereum, Filecoin (FIL) and Pepe (PEPE). ETH 8% in the last 24 hours; FIL 10.4%; PEPE, on the other hand, increased by 28%.

While these increases were experienced in

Bitcoin

and altcoins, investors in short positions were also left in reverse and liquidated.

According to data from Coinglass, nearly $400 million worth of positions have been liquidated in crypto futures in the last 24 hours. Of this, $297.4 million consisted of short positions and $101.5 million consisted of long positions.

Among liquidated short positions,

Bitcoin

ranked first with $222.5 million, which corresponds to a rate exceeding 50%. After BTC, $57.76 million in ETH was liquidated, followed by Tellor (TRB) and Chainlink (LINK).

Looking at the liquidation amounts in the exchanges, Binance saw a total liquidation of 132 million dollars, OKX 115 million dollars, and Huobi 60 million dollars. The largest single liquidation took place on Binance with $10 million.

*This is not investment advice.