Share this article
Short Traders Suffer $200M in Losses as Ether, Cardano Lead Crypto Majors' Gains
Crypto market capitalization has increased about 3.5% in the past 24 hours.
Updated Jan 12, 2023, 2:15 p.m. Published Jan 12, 2023, 10:19 a.m.
Traders betting on a market-wide decline were caught off guard as a broad recovery in the past 24 hours saw $200 million in shorts, or bets against price rises, getting liquidated.
The amount added to the more than $150 million in shorts liquidated earlier this week as bitcoin (BTC) and ether (ETH) broke above key resistance levels, and major tokens like XRP and solana (SOL) rose as much as 20%. Similar levels of liquidation on short trades haven't been seen since October, data from Coinglass shows.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Ether-tracked futures experienced $110 million in both short and long liquidations, the most among all major cryptocurrencies. Bitcoin futures saw $77 million in liquidations, while avalanche (AVAX) and gala (GALA) each saw $4.5 million in losses after volatile trading on Wednesday.
Crypto exchange OKX took the lion’s share of these liquidations at over $128 million, followed by Binance at $42 million. Overall, the price surge saw crypto's total market capitalization increase by 3.5% in the past 24 hours, CoinGecko data shows.
Bitcoin rallied above $18,000 on Thursday after pushing the threshold for the 10th time in 12 days on Wednesday. Ether rose 4.5% to over $1,400 in the past 24 hours, while cardano (ADA) added as much as 5% before retreating.
QCP Capital sees a strong breakout above $18,000 for bitcoin as a key indicator of recovery, with the next level after that at $28,000.
“Despite the mini-rally, BTC is still trading in an extremely tight falling wedge – with $18,000 the key breakout level to the top side,” the fund said in a Telegram broadcast last week. “ETH continues looking decidedly more bullish than BTC, although it too is still trading within a consolidation pattern."
Consolidation in technical analysis refers to an asset oscillating between a well-defined pattern of trading levels. Consolidation is generally interpreted as market indecisiveness, which ends when the asset's price moves above or below the trading pattern.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DOT Sinks 2% After Breaking Key Support
The Polkadot token erased earlier gains amid elevated volume, falling from a high of $2.09 to $1.97.
What to know:
- DOT collapsed through ascending trendline support around the $2.05 level on a massive 284% volume surge.
- The token broke decisively below the support level to trade 2% lower over the last 24 hours.
Top Stories
