Over $500 million in short positions were liquidated in the cryptocurrency market in the last 24 hours. This surge was fueled by optimism surrounding potential easing of China tariffs by the U.S., leading to the largest short liquidations since October. Bitcoin (BTC) surged from Tuesday's low to above $93,500, driving the broader market upwards.
Ether (ETH), Cardano's ADA, and Dogecoin (DOGE) saw significant gains. Solana's SOL and XRP also experienced increases. Sui Network's SUI, UniSwap's UNI, and Near Protocol demonstrated notable strength with gains.
The largest liquidations occurred on Bybit and Binance. The largest single liquidation order, an ETH futures position worth over $4.5 million, happened on Binance. This market uptick followed comments from Trump indicating a potential softening of trade relations with China, tempering cautious sentiment among traders.