Bitcoin liquidates $70M of short positions as it skyrocketed to $29,800 on rumors of spot ETF approval

exchange68September 12, 2024

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Quick Take

The recent rumors of a spot ETF approval, as reported by Cointelegraph, have triggered a significant market reaction, with Bitcoin soaring as high as $29,800 over the past hour.

This sudden surge has led to an influx of liquidations, amounting to approximately $81 million. Interestingly, the bulk of these liquidations, roughly $70 million, were short positions. This suggests that a considerable number of traders were caught off guard by the ETF news, leading to an abrupt market adjustment and a squeeze of short positions.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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