According to data provided by Coinglass, the value of total liquidations in the last 24 hours exceeded $192 million. The majority of these liquidations, more than $145 million, were from short trading positions, while the remaining $46 million were from long positions.

Bitcoin is at the center of this movement in the market. On October 14, BTC crossed an important psychological barrier, surpassing the $66,000 level. This move resulted in $63 million worth of liquidations.

While $55 million of the liquidations came from short positions, $7.7 million consisted of long positions. This development indicates strong momentum in Bitcoin’s price. BTC has gained 2.3% in the last 24 hours and is trading at $65,300 at the time of writing.

Ethereum also faced a significant liquidation wave, ranking second after Bitcoin. Daily liquidations on Ethereum totaled $37 million. $30 million of this came from short positions and $7 million came from long positions.

Thanks in particular to liquidations of short positions, Ethereum broke a key resistance point, rising above the $2,600 level for the first time in two weeks.

Another striking data regarding these developments in the crypto market comes from the Binance exchange. In addition to being the world’s largest crypto exchange, Binance also leads in liquidations in the last 24 hours.

$94 million of the total liquidations took place on the Binance exchange, and 76% of these liquidations were short positions. The largest single liquidation transaction in Binance was in the ETH / USDT parity and a position worth $ 5.2 million was liquidated.

During this period, despite the increase in liquidations, a significant increase was observed in the total open position size in the crypto market. According to Coinglass data, total open positions increased by 4.7% and reached $69.5 billion.

Such increases are often interpreted as signs of “FOMO” (fear of missing out) and greed in the market. While investors increase their positions in the expectation that prices will rise further, this often brings volatility.

Another important indicator of the overall health of the crypto market was the increase in global crypto market capitalization. According to CoinGecko data, the total market cap has increased by over $109 billion in the last 24 hours and currently stands at $2.406 trillion.

With this increase, Bitcoin’s dominance on the market reached 54.2% and the total market value increased to almost $1.3 trillion. This dominance of Bitcoin is seen as one of the main factors determining the overall trend of the market.

Another factor supporting this strong rise in Bitcoin price was the impressive increase in US-based spot Bitcoin exchange-traded funds (ETFs). According to a report by Crypto.news, these ETFs recorded inflows of $555.9 million on Monday.

This represents the highest level in the last four months and adds to its positive impact on the market. This intense interest in ETFs shows that Bitcoin is accepted by a wider audience of investors and increases the pressure on the price.

In summary, short position liquidations in the crypto market and the strong rise of Bitcoin increase investors’ confidence in the market. However, this situation increases the volatility of the market and shows that it needs to be monitored carefully.