Traders betting on a market-wide decline were caught off guard as a broader market recovery in the past 24 hours saw $185 million in shorts, or bets against price rises, getting liquidated.

That contributed to over $200 million in overall liquidation losses.

Large liquidations can signal the local top or bottom of a steep price move – which may allow traders to position themselves accordingly.

Bitcoin-tracked futures saw over $85 million in liquidations alone, the highest among all cryptocurrencies. Ether futures logged $58 million in liquidations, while futures of aptos, solana and solana each saw losses between $3 million to $4 million.

(By Shaurya Malwa)

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