The cryptocurrency market pumped over the last four hours as a result of inflation numbers staying within expected ranges, which led to a massive liquidation of short positions in cryptocurrencies.
According to CoinGlass data, short positions accounted for more than 85% of the $151.24 in crypto liquidations during the period, or about $130 million as of publication.
As of the time of publication, long liquidations over the same period totaled slightly more than $21 million, or less than 15%.
Over the course of a day, liquidations totaled $223.65 million, with short liquidations totaling $175.82 million and long liquidations totaling $48.76 million.
Over the past 24 hours, approximately 57,721 traders were liquidated.
A little more than $57 million was lost in short BTC positions over the last four hours as the leading cryptocurrency breached $26,000. Over the period, long liquidations totaled $11.71 million.
As of the time of publication, BTC was trading at $25,927 after hitting resistance at $26,500.
BTC liquidations totaled $103.61 million over the previous 24 hours, with $49.15 million of that amount liquidated in the previous four hours.
With a little under $40 million in short positions liquidated in the last four hours, Ethereum short sellers experienced similar pain over the period. The amount of long liquidations was $4.65 million.
As of press time, approximately $21 million had been liquidated in the previous four hours, for a total of about $56 million in ETH positions over the previous 24 hours.
According to data from CoinGlass, an ETHUSD position with a total value of $10.01 million experienced the biggest single liquidation.
34.28% of liquidations over the past 24 hours—the vast majority—took place on Binance. Short liquidations totaled $55.76 million, or 73.53% of the $75.83 million total.
The second-highest percentage of liquidations over the period was recorded by OKX (22.08%), with short liquidations on the exchange totaling $42.07 million. On the exchange, there were a total of $48.84 million in liquidations.
In addition, there were a lot of liquidations at Bybit during the period (18.1%), with shorts accounting for $27.47 million of the $40.04 million total.