After a bullish breakout, liquidations worth over $110 million were triggered by Bitcoin

Lisette Lémieux
12 Dec 2023
Short sellers lose over $100 million as Bitcoin surges to $40,000, while wBTC on Ethereum experiences muted demand despite positive crypto market trend.

Short sellers incurred losses exceeding $100 million in the past 24 hours due to Bitcoin's price surge near $40,000.

However, wrapped Bitcoin (wBTC) on Ethereum did not experience the same gains despite the crypto market's positive trend. Traders faced over $140 million in liquidations, with short sellers bearing over $110 million in losses, the second-largest amount of short liquidations since mid-November.

Bitcoin traders faced significant liquidations totaling $36 million, while Ethereum traders experienced liquidations of about $32 million. Solana traders encountered over $6 million in liquidations.

Binance recorded the most losses at $53.44 million, followed by OKX at $51 million. Wrapped Bitcoin (wBTC) supply on Ethereum decreased by around 2% or more than 3,000 BTC in November, indicating muted demand despite the flagship asset's rising value.

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