The recent rally in the crypto market has shaken leveraged positions, but short traders have taken the biggest hit. Bitcoin (BTC) gained more than 13% last week, breaking above $70,000 for the first time. Ethereum (ETH) has regained its market cap of $450 billion, rising 30% over the week and may soon test the $4,000 level.😲

The market-wide recovery has increased the total cryptocurrency market cap by more than 7% in 24 hours to $2.7 trillion, according to CoinGecko. Transaction volumes also doubled to $220.5 billion.

As this market volatility rattled investors, on May 21 CoinGlass' liquidation data showed $380.5 million of leveraged positions were wiped out, accounting for $294.3 million of short trades. Ether short positions generated liquidations of $104.9 million, the largest of any crypto asset.