Bitcoin shorters ‘are getting rekt’ after new $75K high
Almost $180 million in short positions in Bitcoin have been wiped as it hit an all-time high, with an analyst saying it is “meaningful” that it is driven by spot demand.
Bitcoin traders who bet on an election-induced price decline have been liquidated to the tune of $180 million as the cryptocurrency shattered its previous all-time high and briefly hit $75,000.
“The spot market is flying, and shorts are getting rekt,” Pav Hundal, lead analyst at crypto exchange Swftyx told Cointelegraph. “Traders are betting that the crypto summer is back, and it’s almost all buy action on our order books right now.”
*Bitcoin short positions wiped*
In the last 24 hours, total crypto market liquidations reached $483.2 million — with $358.2 million coming from short bets.
Bitcoin short sellers were the largest group liquidated on the day with nearly $251 million, followed by about $47 million who went short on Dogecoin
Spot buying is driving BTC’s price
He explained that spot buying “drives lasting demand and price growth for Bitcoin because it involves buying and holding the actual coins, unlike derivatives, which only speculate on price without affecting supply.”
