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The recent announcement of a Bitcoin ETF has sparked a surge in Bitcoin prices, leading to significant gains for Bitcoin holders. However, this price increase has also triggered substantial liquidations in the futures market.
According to data from a platform, within the past 24 hours, the total liquidation in the crypto market has reached $223 million, with long positions accounting for $130 million and short positions for $93 million.
Bitcoin experienced the highest liquidation volume at $83.69 million, followed by Ethereum at $51.47 million. Other cryptocurrencies like XRP, DOGE, and LINK also saw notable liquidations.
The largest single liquidation order occurred on a certain trading platform, involving a BTC-USDT trade worth $3.54 million.
This surge in liquidations highlights the volatile nature of the cryptocurrency market, especially during periods of significant price movements triggered by major events like the Bitcoin ETF approval.