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Short-Sellers Get Rekt as Bitcoin Surges Past $28,000 Mark

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin's surge past $28,000 led to over $100 million worth of short positions being liquidated in the last 24 hours.
  • Historical patterns suggest October is a bullish month for Bitcoin, causing difficulties for crypto bears.
  • Among the top 20 cryptocurrencies, Solana (SOL) showed the highest 24-hour price gain, trading at $24.11, up by 11.48%.
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The past 24 hours have been challenging for the short-sellers as Bitcoin (BTC) hit the $28,000 mark after spending nearly one month below it. As a result, over $100 million worth of shorts got liquidated.

October has ushered in a bit of pressure on crypto bears. And according to historical bullish patterns in October, the pressure may just be getting underway.

Over $100 Million Worth of Crypto Short Positions Liquidated

According to the data from Coinglass, traders lost over $117.99 million to liquidations in the past 24 hours. While some long positions were also liquidated, the majority of losses came from short positions.

In the past 24 hours, short-sellers ate more than $100 million in losses

Read more: What are Perpetual Futures Contracts in Cryptocurrency?

The markets showed a sudden uptick in the price, particularly in the past 12 hours. The data shows that over $84 million worth of short positions faced liquidations in just the past 12 hours.

Bitcoin liquidations, Bitcoin short-sellers
Crypto total liquidations. Source: Coinglass

The liquidations came as BTC shot up by nearly 5%, trading at $28,416 at press time. Meanwhile, the Ethereum (ETH) price increased by 3.2% in the past 24 hours. 

Among the top 20 cryptocurrencies based on market capitalization, Solana (SOL) has given the highest 24-hour price gain. As of writing, it is trading at $24.11, up by 11.48%. Meanwhile, BeInCrypto reported that Solana’s Total Value Locked (TVL) reached $337.49M, its highest in 2023.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

Solana (SOL) price. Source: BeInCrypto
Solana (SOL) price. Source: BeInCrypto

Is it ‘Uptober?’

The screenshot below shows that October has historically been a bullish month for Bitcoin. Since 2013, BTC has given negative returns only twice, in 2014 and again in 2018. 

Bitcoin monthly returns 2013-2023. Source: Coinglass
Bitcoin monthly returns. Source: Coinglass

Due to this, some crypto community members have coined the term “Uptober,” referring to the normal bullish price action for October:

“Is it another UPtober for Bitcoin??”

Do you have anything to say about Bitcoin short-sellers, the October rally, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.