Daily liquidation volume on the crypto-derivatives market reached $1.13 billion

On July 26, the crypto-derivatives market saw liquidations totaling $1.13 billion. Of these, short positions accounted for $961.8 million, according to Bybt.

Shorts worth $883.1 million ($720.8 million in Bitcoin-based derivatives) were closed over a 12-hour period, coinciding with the $39,000 digital-gold level being surpassed. The move may have been catalyzed by rumors that Amazon would add support for payments in Bitcoin.

Earlier, on July 20, the price of Bitcoin fell below the $30,000 mark. After The B World conference featuring Elon Musk, prices began to rise.

According to Bybt, the last time comparable short liquidations ($1.05 billion) occurred was May 18, with Bitcoin accounting for less than half of that amount ($446.7 million). That day volatility spiked as Bitcoin plunged from $40,000 to $30,000, followed by a sharp recovery to around $36,500.

Amazon’s denial led to liquidations of long positions totaling $267.7 million over a 12-hour period from July 26 to 27. At the time of writing, Bitcoin was trading near $37,000.

According to Bybt, over the last 24 hours liquidations affected the long and short positions of 89,290 traders.

Bloomberg Intelligence senior commodities strategist Mike McGlone said that Bitcoin is more likely to return to $60,000 than to fall to $20,000.

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