Bears Lose Over $100 Million Amid BTC Price Rise
Bitcoin's Price Surge Leads to $100M Loss for Short Traders Amid Anticipation of U.S. ETF Approval.
Bitcoin traders who placed a short trade, betting against the rise of Bitcoin’s Price have lost over $100 million recently, as we draw nearer to a U.S. Bitcoin ETF Approval. BTC's price soared, breaking the $47,000 level for the first time since March 2022.
OKX and Binance Users held a major stake in this loss. Open interest in Bitcoin futures increased, suggesting more bets are being placed, expecting continued price changes.
Liquidation happens as a result of an exchange forcefully closing traders' leveraged position due to partial or total loss, leading to the traders' inability to maintain their leveraged position, often signaling a major price shift. This data helps traders understand market trends and potential future price movements.
The surge in Bitcoin's price coincided with ETF issuers like BlackRock filing fees with the SEC. This is one of the last steps before a Bitcoin ETF could launch in the U.S. Thirteen ETFs are waiting for SEC approval, and competition is heating up with some offering no fees initially.
A final decision on these ETF approvals is expected soon. SEC officials are reviewing minor details in the latest filings, with updates expected shortly.
