With Bitcoin crossing the $110,000 threshold once again, the liquidation of short positions has accelerated. The platform witnessing the most intense activity during this surge was Hyperliquid. Over the past 24 hours, Bitcoin positions worth a total of $169.75 million were liquidated, while Ethereum saw liquidations worth $160.53 million. This aggressive movement in the crypto market, which started the week with low volumes, has heightened short-term volatility and brought the appetite for risk in futures back into the spotlight.
Hyperliquid Leads in Short Position Liquidations
According to CoinGlass data, following a sharp rise on Sunday night, Hyperliquid led with a liquidation volume surpassing $131 million. Typically dominated by exchanges like Bybit or Binance, this area was taken over by a decentralized exchange focused on derivatives. The size of open positions on the platform rose to $2.69 billion, showcasing the impact of aggressive investor behavior through the intensity of short positions.
On Hyperliquid, 53% of Bitcoin positions are long, while this ratio rises to 68% across the general market. The difference indicates the platform’s propensity for a more aggressive short strategy. The largest Bitcoin position recorded was a short transaction valued at $186 million, with the investor briefly seeing paper gains close to $41 million.
Ethereum Gains Attention as Bitcoin Consolidates
During the recent downturn, renowned investor James Wynn abstained from taking positions; meanwhile, Machi Big Brother (Jeffrey Huang) opened a long position in Ethereum. Many whales who shorted Bitcoin have closed these positions and shifted to Ethereum. However, Hyperliquid data shows a new clustering of short positions between $113,000 and $115,000, with long trades concentrating around $106,000.
Despite the Crypto Fear and Greed Index remaining in the “fear” zone, it does not indicate extreme panic. Bitcoin’s market share has risen to 57.2%, while altcoins are relatively underperforming. Although the market is in a bull cycle expected to persist until the end of the year, the potential for sudden liquidation waves remains high during periods of low volume. The rise in the volatility index to 1.92% suggests these fluctuations might continue.