Short sellers betting against Bitcoin faced significant losses, totaling over $340 million, as the flagship cryptocurrency surged past $50,000. As of this writing, Bitcoin trades at $50,070, delivering a blow to those anticipating a price decline.
Liquidation Breakdown
According to Bybt’s total liquidation chart, $405.68 million in positions were liquidated as Bitcoin approached $50,000. Of this, $342.53 million, or 84.4%, came from short positions betting on a price drop. The data, sourced from five major exchanges—Okex, Huobi, Binance, FTX, and Bitmex—highlights the scale of the market shift.
Exchange Contributions
Okex led the liquidation tally, accounting for $137.28 million, or 33.83% of the total, with $123.44 million from short positions. Binance and Huobi followed, contributing 12.35% and 11.43% of the total liquidations, respectively, underscoring the widespread impact across platforms.
Bitcoin’s Price Resilience
Bitcoin briefly crossed the $50,000 mark on August 23, 2021, for the first time since the May 2021 market crash, only to dip to $46,000 over the weekend. Despite bearish efforts to regain control, Bitcoin closed the month above the critical $47,000 level, paving the way for its latest climb above $50,000 during the Asian trading session.
Strong Fundamentals Fuel Optimism
On-chain analyst William Clemente highlighted Bitcoin’s robust fundamentals, noting that current supply dynamics mirror levels that previously valued Bitcoin at $58,000. In an interview with Anthony Pompliano, Clemente shared a bullish outlook, stating, “By the end of the year, I think $75,000 for 1 BTC is conservative. We could see all-time highs next month if macro factors align, potentially reaching $176,000 this year.”
