There are tens of thousands of crypto traders who are maintaining their positions as Bitcoin is abruptly rallied to more than $40,000. Data has been collected from cryptocurrency that also features trading and information platform Bybt has revealed that on 26 July, there was more than $960 million worth of short positions. These were all around the liquidated crypto assets as Bitcoin ignites a stronger rally from around $35,000, which has gone more than $39,000 within four hours.
Traders who have to take the other side of the trade were also not spared from the volatility that Bybt has shown $170 million worth of long positions liquidated on the same day.
At the greater heights of BTC’s rally, Willy Woo said to his more than 600,000 followers that the bulk of the BTC liquidations happened in a span of 12 hours.
Earlier this month, the popular forecaster said that a BTC supply shock was underway while predicting that the traders who short the market will be liquidated as the coins are getting withdrawn from the exchanges at rapid rates.