The sharp rise in the price of Bitcoin (BTC) to a new high for the year has resulted in significant losses for investors who opened short positions, with their losses totaling nearly $72 million. Market participants who speculated on the decline of Ethereum (ETH) also faced substantial losses when the second-largest cryptocurrency by market capitalization surged to $2,250, costing them $26.5 million.

Among altcoins, ORDI, SOL, and several other tokens were the most affected by liquidation.

The majority of liquidations, over 80%, occurred on exchanges such as OKX, Bybit, Binance, and Huobi. The most significant liquidation was registered on Bitmex, where a long position in XBTUSD worth $6.01 million was closed.

During the night, the price of Bitcoin (BTC) reached a new high for the current year, surpassing the $41,000 mark.