Share this article
Crypto Traders Suffer Over $100M of Short Liquidations as Bitcoin Hits 3-Month High Over $31K
BTC surged past $31,000 and other cryptocurrency prices soared sharply Monday, too, taking many leveraged traders by surprise.
Updated Oct 23, 2023, 6:57 p.m. Published Oct 23, 2023, 6:57 p.m.
Cryptocurrency derivatives traders have endured over $150 million of liquidations over the past 24 hours as rapidly surging digital asset prices caught many market participants off-guard.
Most of the positions wiped out – worth some $110 million – were leveraged shorts, or traders who bet that prices would fall, CoinGlass data shows. This was the second-largest amount of short liquidations in any day since late August.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin [BTC] traders were hit by $55 million of liquidations, predominantly those who shorted its price, followed by ether [ETH] traders' roughly $29 million of liquidations, per CoinGlass. Chainlink [LINK] speculators also suffered over $9 million in liquidations as LINK hit its highest price since May 2022.
The liquidations occurred as bitcoin rallied 4% to surpass the $31,000 price level for the first time since July, extending its October advance. Most of the alternative cryptocurrencies, or altcoins, also soared, with Chainlink's LINK, Polygon [MATIC] and Polkadot [DOT] posting 6% to 10% advances at one point.
Liquidations happen when an exchange closes a leveraged trading position due to a partial or total loss of the trader's initial money down, or "margin," because the trader fails to meet the margin requirements or doesn't have enough funds to keep the position open.
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
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
