Bitcoin Soars Amid ETF Optimism, Triggering Over $400 Million in Liquidations

Recently, due to positive expectations for Bitcoin ETFs, Bitcoin reached its highest level in two years. However, according to CoinGlass’s report, this surge also led to the biggest liquidation of the year.

Recently, Bitcoin has surged to nearly a two-year high, influenced by increasing speculations that an official approval for Bitcoin ETFs is imminent. For the first time since May 2022, Bitcoin surpassed its highest level of $35,000, causing significant activity in the market. However, this rapid ascent was accompanied by a notable loss of $400 million in the crypto market within the last 24 hours.

This month, expectations for the approval of ETFs grew significantly after the SEC announced it would not contest a court decision that stated its rejection of Grayscale Investments’ ETF application was incorrect.

On the other hand, it was revealed late yesterday that BlackRock’s application for the spot Bitcoin exchange-traded fund (ETF) was listed in DTCC, which oversees transactions on Nasdaq, the largest stock exchange in the USA. This listing does not constitute official approval of the ETF, but is a preliminary approval listing.

Following this market activity, analytics firm CoinGlass announced that this was the largest short liquidation so far this year, headlining it as “Over $1 billion in open interest wiped out in Bitcoin.” According to their announcement, the majority of these massive liquidations occurred on leading exchanges in the industry, such as Huobi, Binance, and OKX.

Detailed data reveals that during the time Bitcoin surpassed $35,000, there was a liquidation of $221 million in the market. Of the total liquidations in the last 24 hours, approximately $300 million came from short positions, while $106 million was from long positions.

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