Trying to predict the future using a loan as a bet can be a passport to “heaven” but it can also be a ticket to “hell”. This second case is what happened to about 35,000 cryptocurrency traders who bet short over the past 24 hours, which settled at about $157 million, according to monitoring data from Coinglass, on Friday morning. – Friday (13).
Short selling is an arbitrage process commonly used by professional traders who take a certain amount of cryptocurrency and sell with credit betting that prices will drop and then buy back the cheapest cryptocurrency pools in order to compensate the creditor and keep the difference in the form of profit.
When the opposite happens, i.e. the crypto asset goes up rather than the price goes down, the bears end up filtering out. According to Coinglass, in the past 24 hours, the biggest losses included Bitcoin (BTC) with $64.78 million of liquidation, Ethereum (ETH), responsible for $46.25 million of losses, Aptos (APT), associated with $2.31 million in sales and Gala (GALA), which represented sales of US$2.31 million, among others.
In terms of exchanges, monitoring revealed that the largest liquidations took place on OKX, where 75.11% of short sellers were liquidated at $66.67 million, followed by Binance where the share of bears reached 79.78% at $41.24 million, by Bybit. , with losses of 64.2% of traders who bet on shorting a total of $25.76m and Huobi of $16.85m accounting for 79.55% of shorting, among other platforms.
The price analysis of the past few days also helps to understand the blow that the bears have suffered, according to CoinMarketCap’s monitoring. For example, Bitcoin was priced at just over $18,900 (+3.55%) and has accumulated a weekly high of 12.85% and 5.5% over the past 30 days, while ETH traded for $1,408 (+0.55). It represented a rise of 12.8% and 5.95% in the weekly and monthly cumulative respectively, while it provided a more expressive rise when trading for $6.72 (+28.8%), a rise of 84.26% and 45.45% in the weekly and monthly cumulative. numbers, respectively.
Investor euphoria, which appears to have caught bears by surprise, was also positively felt by the deep technical cryptocurrency that surged 503% amid altcoin euphoria as Bitcoin struggled to $19,000 after a US CPI slump, Cointelegraph Brasil reported.