Bitcoin’s surge above $50,000 fueled a broader market rally, driving a number of large alternative digital assets such as Ethereum (ETH), Solana (SOL), and others to significant gains.
According to data from CryptoSlate, Ethereum rose 7% to $2,661, while SOL surged 8% to $114. Among the top 10 digital assets, Avalanche’s AVAX surged 6% to $41, Cardano’s ADA rose 3.74% to $0.5574, while BNB Coin (BNB) and Ripple’s XRP rose more modestly, each up less than 3%. .
Market analysts attribute this bullish trend to the buzz surrounding several spot Bitcoin exchange-traded funds (ETFs) in the United States. Vetle Lunde, senior analyst at K33 Research, pointed out that inflows into these ETFs have remained robust more than a month after launch.
“Yesterday saw net inflows of 9,870 BTC, bringing net US spot ETF flows since launch to 72,312 BTC. The new nine now hold 228,000 BTC,” Lunde added.
Over the past day, the price of BTC has crossed the $50,000 threshold for the first time since late 2021. The value of the top cryptocurrency rose 4.2% to $50,146 at press time, continuing a positive upward trend of 16% over the past week.
$184 million liquidation
The broad cryptocurrency market rally has led to significant liquidations totaling over $184 million from more than 56,000 traders, according to Coinglass data.
Short-term traders, or speculators, who bet on price increases lost as much as $134 million, while long traders who bet on price increases lost about $50 million.
Across assets, Bitcoin led the liquidation chart with a total loss of $69.8 million. Bitcoin selling traders lost $55.04 million, while long Bitcoin traders lost $14.76 million. Ethereum followed suit, contributing $39.85 million to total liquidations.
Other assets such as Solana, LINK, and ORDI also experienced liquidations of $10.14 million, $5.93 million, and $4.81 million, respectively.
Across exchanges, Binance recorded the highest liquidation rate at 43.13%, totaling $79.42 million. Other platforms such as OKX and ByBit recorded liquidations of $58.29 million and $18.73 million, respectively.
Notably, the most significant liquidation order was for LINKUSD on Bitmex, amounting to $3.14 million.