$440 Million Liquidation in Crypto: Ethereum Outpaces Bitcoin in This Metric

The cryptocurrency market is concluding its strongest week since mid-June, driven by Bitcoin (BTC) prices approaching the $62,000 threshold and sharp rallies led by Ethereum (ETH) and Solana (SOL).

Cryptocurrency investors are experiencing highly active hours on the final trading day of the week. A short squeeze, triggered particularly as bearish investors were caught off guard, allowed the market to gain strong upward momentum. While Bitcoin (BTC) prices stabilized around $61,360, altcoin giants Ethereum (ETH) and Solana (SOL) boosted their gains, bringing relief to investors.

According to Coinglass data, a total of $440 million in positions were liquidated in the market over the last 24 hours. Of these liquidations, $281 million consisted of bearish positions. A massive $157 million liquidation in Ethereum (ETH) outpaced Bitcoin’s (BTC) $103 million loss, presenting a rare scenario. Solana (SOL) became the top performer among major assets with an 18.6% weekly increase.

Macroeconomic Data and the Short Squeeze

Weak employment data from the US weakened the possibility of a Federal Reserve (Fed) interest rate hike while causing the dollar to lose value globally. This situation boosted risk appetite, reviving demand for assets like cryptocurrencies and gold. The sharp upward arrows and rising candlesticks on the charts clearly demonstrate this optimistic atmosphere and prices pushing against resistance levels.

Uninterrupted artificial intelligence investments in the tech world are also maintaining the overall balance in the markets. Discussions by giants like Samsung regarding AI chips, in particular, keep tech stocks stable and prevent capital outflows from crypto markets. However, experts are closely monitoring whether this rapid ascent is based on sustained demand or merely a short-term squeeze. Outflows from Spot Bitcoin ETFs and low liquidity are among the risks to watch in the third quarter.