Crypto derivatives traders who bet the crypto market would fall have been liquidated for more than $100 million in the past day as Bitcoin’s price surged.
Bitcoin (BTC) rose above $64,000 early on Oct. 14, gaining 2.1% in the last 24 hours, breaking out from a tight range-bound weekend.
TradingView shows BTC peaked at $64,173, the highest it’s reached so far in October, returning to heights not seen since Sept. 30.
Bitcoin reached over $64,000 for the first time this month. Source: TradingView
As a result of Bitcoin’s sudden price move, over $101.4 million in short positions were liquidated across the crypto market, according to data from CoinGlass.
In all, 54,649 traders were liquidated for over $166 million, with Bitcoin shorts accounting for $52.33 million of the last day’s total, followed by Ether (ETH) shorts at $27.26 million.
Bitcoin short sellers made up over half of the short liquidations in the past 24 hours. Source: CoinGlass
Bitcoin’s big move also pushed its market dominance back above 58%, which is close to the highest it has been since April 2021, according to TradingView.
Analysts have speculated when the so-called “Uptober” would begin, as October has seen positive returns for BTC in nine of the past 11 years.
Bitcoiner Kyle Chassé told his 219,000 followers on X on Oct. 14 that “the tides are shifting,” and we’re heading into one of the most “exciting phases of the market.”
“The next big rally isn’t just a possibility — it’s a reality waiting to unfold,” he added.
“Pray for the bears,” onchain analyst James Check chimed in.
Related: Bitcoin’s price return ‘stands apart from the crowd’ — NYDIG
Meanwhile, Ether reclaimed $2,500, topping out at a two-week high of $2,540 following a 2.9% gain in the last 24 hours.
Crypto altcoins have also been predominantly in the green over the last day, with Solana (SOL) up 4.4% over the past 24 hours.
High-cap altcoins, including BNB (BNB), XRP (XRP) and Dogecoin (DOGE), saw muted gains of less than 1% on the day.