What happened? Bitcoin surged to a new high and liquidations spiked.
Bitcoin climbed to an all-time high over the weekend and is holding near $123,800, while Ethereum trades above $4,530. Coinglass reports about $428 million of liquidations in the past 24 hours, split roughly $186 million in longs and $243 million in shorts. That mix of big price gains and large liquidations shows traders were taking big leveraged bets and the market moved fast.
Who does this affect? Traders, investors and market makers felt the move.
Leverage traders were hit hardest — both long and short positions were wiped out as price moved quickly. Exchanges and market makers saw higher volumes and volatility as liquidations forced rapid order flow. Long-term holders may feel less direct pain but they’re watching price action and volatility spikes that can affect sentiment.
Why does this matter? It could reshape short-term market dynamics and risk appetite.
Sustained BTC strength near $124K and ETH above $4.5K can pull more capital into crypto and push risk-on appetite across the market. But big intraday liquidations increase volatility, meaning traders may demand higher premiums and funding rates, which impacts futures and derivatives markets. Overall, the move can attract fresh money and media attention while making short-term trading riskier, so asset prices and volumes could stay elevated in the near term.