While Bitcoin (BTC) hit an all-time high, around 74,000 traders liquidated short positions in the crypto market. A BitMEX trader suffered a $ 10 million loss on the crypto derivative platform BitMEX, as they added $ 3,000 to the Bitcoin price in a single day.

Bitcoin price moves to the moon, short positions are in red

According to Bybt data, the total crypto derivative liquidations in the last 24 hours exceeded $ 1 billion; Approximately 98.1% of this amount comes from the liquidation of short positions.

The breakthrough of Bitcoin above the $ 20,000 milestone triggered traders who opened short positions to delete positions, waiting for a possible retracement.

According to the news in BeinCrypto, as a matter of fact, before making a new peak, Bitcoin was repeatedly rejected at the price level of $ 19,450. This price action likely caused short sellers to expect a downtrend, and traders interpreted their attempts to exceed $ 19,500 as a lack of support at this price level.

With $ 427.91 million in shorts, Binance became the platform where these positions were evaporated the most. In total, short positions worth about $ 865 million were liquidated amid BTC’s progress.

Open position and option volume witnessed new records

Market sentiment is overwhelmingly up, with open positions currently at the highest level of around $ 8.1 billion. According to Skew data, OKEx and Binance are the highest trading platforms with $ 1.47 billion and $ 1.40 billion open positions, respectively.

At the time of writing, Bitcoin is trading at $ 22,735, up 14.7% in the last 24 hours.

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However, according to the news source, a record open position in the period of extreme rise; at least in the short term, it could indicate a trend reversal, with BTC seeing a possible retracement while making profits in the spot market.

Data from Skew shows that BTC options trading volume reached a new milestone, exceeding $ 1 billion for the first time on December 16. BTC options giant Deribit accounts for most of this success, contributing $ 879 billion to trading volume.

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