Bitcoin jumps past $37K as $206.48M shorts get liquidated across exchanges.
According to data from Coinglass, approximately $78.44 million worth of Bitcoin shorts and $118.47 million in total Bitcoin positions were liquidated in the last 24 hours. For Ethereum, $52.54 million in shorts and $74.79 million in total positions were liquidated over the same period.
The liquidations likely caused prices to spike further as traders rushed to cover their short positions. Bitcoin jumped from around $34,000 to over $37,900 before stabilizing near $36,479 at press time. Ethereum rallied from under $1,800 to above $2,100.
The BlackRock ETH ETF news triggered a short squeeze in crypto, which happens when an asset's price suddenly jumps higher, forcing traders who had bet against it to buy back their short positions. This buying activity feeds on itself and drives prices even higher.