Since early Tuesday AM Asia, almost $145 million in short positions against bitcoin prices have been closed, with 87% of all futures deals being short bets against a rise in prices. The greatest single liquidation order, a bitcoin/tether exchange worth $11 million, was recorded by Huobi. When an exchange forcibly terminates a trader’s leveraged position as a result of a partial or complete loss of the trader’s initial margin, this is referred to as liquidation.
Recent gains in bitcoin can be ascribed to the economy’s deterioration, which may encourage investors to acquire a decentralized asset. According to Alex Adelman, CEO of the bitcoin rewards app Lolli, investors are moving their money into bitcoin in order to increase their wealth.
Bitcoin Shorts Take on 87% of Futures Liquidations as BTC Crosses $30K
