According to Coinglass statistics, Bitcoin’s rise to $44,000 unwound an increasing number of short positions. Because of the increased use of the token as a result of the Russia-Ukraine crisis, the crypto market has risen.
Is there going to be a Bitcoin short squeeze?
According to Coinglass data, almost $68 million in short positions in the world’s largest cryptocurrency were liquidated in the last 24 hours. In the last week, attitudes toward cryptocurrency have improved as a result of Western sanctions and conflict disturbances in Ukraine and Russia.
In the latest 24 hours, long holdings accounted for 54% of total positioning on bitcoin, while posture in the broader market was closer to 50/50. Nonetheless, long Bitcoin positions have been progressively increasing this week.
In the last week, bitcoin and other tokens have outpaced the broader financial markets. While the token has gained around 12% since last Wednesday, the S& P 500 stock index has only gained roughly 1.9 percent.
For the first time in over two weeks, total crypto market value surpassed $2 trillion, as the fear and greed index improved to neutral from acute anxiety.
A total of $176 million in cryptocurrency shorts were liquidated.
With Ethereum’s recent surge to near $3000, nearly $43 million in shorts has been liquidated in the last 24 hours. Some of the largest short positions were also wiped out by Luna and SOL.
On a broader scale, crypto’s surge has liquidated $176 million in short bets in the last 24 hours. On Okex, the greatest single liquidation order was a $8 million bitcoin-to-tether trade.
Okex also has the biggest percentage of short positions of any major cryptocurrency exchange, at around 53%.
Is Bitcoin the safest haven in the world?
The most recent rise has reignited debate about Bitcoin’s potential as a safe-haven asset. While the currency first struggled during the Russian invasion, it has now recovered and has even surpassed gold in the last week.