- Glassnode reported that Bitcoin's rise was attributed to the liquidation of large-scale short positions.
- Glassnode stated that a short squeeze occurred, resulting in the amount of short liquidations surging from $105,000 to $359,000 in just four hours.
- Currently, Bitcoin is trading at $107,280 on the Binance USDT Market, up 1.46% from 24 hours ago.
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There are claims that the rise in Bitcoin (BTC) is attributable to the liquidation of large-scale short (sell) positions.
On the 9th (local time), Glassnode stated on X (formerly Twitter), "Today, Bitcoin surged from $105,000 to $107,000," adding, "This increase is due to the liquidation of large-scale short positions." They further explained, "Last week's negative funding rate indicated an increase in short positions in the market," and added, "With a short squeeze occurring, the amount of short liquidations surged from $105,000 to $359,000 in just four hours."
As of 11:10 p.m., Bitcoin is trading at $107,280 on the Binance USDT Market, up 1.46% from 24 hours ago.
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