Short sellers lose over $200M with crypto market’s continued rally

Short sellers hit significant losses as the crypto market’s continued rally has liquidated over $200 million in positions against the industry, according to Coinglass data.

Over the last 24 hours, the total liquidations were $217 million and affected 57,332 traders — of which 72% were short traders. The largest single liquidation happened on BitMex and was worth $7.08 Nikon, according to Coinglass data.

A breakdown of the liquidations among the crypto assets showed that Bitcoin (BTC) and Ethereum (ETH) were responsible for $154.25 million. Other crypto assets like Litecoin (LTC), Optimism (OP), Solana (SOL), Aptos (APT), Cardano (ADA), etc., made up the balance.

Across exchanges, Binance was responsible for the liquidation of $81.63 million. OKX and ByBit also recorded significant liquidations on their platforms. The two exchanges liquidated $87.24 million combined.

Bitcoin traders are taking profit

Meanwhile, Bitcoin investors appear to be taking some profit from the recent market rally.

BTC gained ground on altcoins amid the collapse of crypto-friendly banks like Silicon Valley Bank, according to Blockchain analytical firm Santiment.

21,524 BTC were moved back to exchanges within one day, equating to 0.11% of the asset’s supply. This means that crypto exchanges saw the largest BTC net inflow of coins in six months on March 13.

CryptoSlate’s Insight report corroborated Santiment’s data. According to the report, a large whale sold roughly 20,000 BTC worth over $500 million on Binance, adding that this was the highest since Terra’s collapse.

Meanwhile, Santiment suggested that this meant Bitcoin traders were taking profits. Current market sentiments also showed that crypto investors have moved from “neutral” to “greedy” within the last 24 hours, according to alternative.me’s Fear & Greed Index.