Cryptocurrency traders experienced significant liquidations totaling $1.12 billion in the last 24 hours, driven by price surges in major crypto assets. According to CoinGlass data, short positions accounted for $777 million of these liquidations, while long positions saw $350 million liquidated.
Ethereum led the liquidations with $439 million, fueled by a nearly 25% price increase over the last week, reaching $2,303. On Friday, Ethereum hit $2,448, a two-month high, following the launch of the Pectra network upgrade this week.
Bitcoin also saw substantial liquidations, with $307 million wiped out as its price rose 5% to $102,858, surpassing $100,000 on Thursday for the first time since February. Bitcoin reached a high of $103,890 earlier Friday.
Other top cryptocurrencies, including Solana and Dogecoin, also experienced notable gains this week, rising 12% and 11% respectively. Solana had $40 million in liquidations, while Dogecoin saw $19 million liquidated in the last 24 hours.
CoinGlass reported the single-largest liquidation was an $11.97 million Bitcoin short position.
This article is based on our author's analysis of materials taken from the following resource: CoinGlass.