More than $70 million in crypto shorts were suddenly liquidated after the prices of Bitcoin (BTC), Ether (ETH), and other cryptocurrencies unexpectedly skyrocketed on October 1st.
According to TradingView data, the sudden pump rally sent Bitcoin soaring 3% from $27,100 to $28,053 in just 15 minutes before settling just below the $28,000 level at the time of publication.
Good luck to those celebrating.
Remember 2021? pic.twitter.com/qgHy1ThGOf
— The Wolf of All Street (@scottmelker) October 2, 2023
Similarly, the price of Ethereum’s native currency, Ether, soared, briefly rising as much as 4.7% to $1,755 before flattening at $1,727 at the time of publication.
The sudden move has left most people in the community scratching their heads. Many critics said this move coincided with the appearance of “Uptober”.
Welcome to Uptober.
Welcome to Q4. This quarter is on track for a great quarter, potentially fueled by ETF approvals and pre-halving gains.
potentially #bitcoin Up to $40,000 is reasonable.
— Michael van de Poppe (@CryptoMichNL) October 1, 2023
other community members was suggested “Someone knows something” that other people don’t know.
Uptober is a cryptocurrency term that refers to October, which is typically a bullish month for the price movement of Bitcoin and other cryptocurrencies.according to data According to CoinGlass, since 2013, October has only had negative monthly returns twice.
One event that the cryptocurrency market is optimistically anticipating is the possible approval of a spot Bitcoin exchange-traded fund by the U.S. Securities and Exchange Commission. However, most analysts expect such an announcement to most likely occur in January 2024.
Related: Will Bitcoin “Uptober” benefit MKR, AAVE, RUNE, INJ?
Meanwhile, while those holding spot and long positions may have been celebrating the biggest price move in more than a month, short sellers are having the opposite luck.
The rapid rally resulted in a $70 million short position being liquidated in just two hours.
according to data From CoinGlass, approximately $36 million worth of BTC shorts and $23 million worth of ETH shorts were “bounced” due to sudden price movements.
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