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Bitcoin rises above $68,000 as leveraged shorts rush to exit

Liquidations totaled about $1.91 billion in 24 hours, with short positions driving roughly $1.74 billion of that figure.

Reported · Written up by our desk · Market Structure

Bitcoin traded above $68,000 on Wednesday as ether gained 9%, forcing leveraged positions to close amid a spike in short liquidations, according to The Defiant citing Coinglass data.

Coinglass data showed about $1.91 billion of leveraged positions liquidated over 24 hours, with shorts accounting for roughly $1.74 billion, about eight times the liquidations seen over the prior 24 hours. Bitcoin last changed hands around $68,605, up 5.8% over 24 hours, while ether was about $2,086, up 9%.

The catalyst tied back to the U.S. bond market. The U.S. Treasury said it would at least double the size of its long-dated debt buybacks, reversing a selloff that had pushed the 30-year yield to its highest daily close since June 2007.

The Treasury said the maximum size of liquidity support buyback operations in the 10-to-20-year and 20-to-30-year nominal coupon sectors would rise from $2 billion per operation to at least $4 billion starting Sept. 9 through Nov. 4. Crypto total market value rose to about $2.41 trillion, up 5.1%, while bitcoin dominance was 57.1%, and DeFi total value locked increased to $78.1 billion from $74.7 billion on Monday, according to DefiLlama.

Latest closeBitcoin $68,345.20 ▲5.7%

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