$71M Crypto Shorts Liquidated In 1 Hour On Monday As Bitcoin Surges

On-chain data shows that crypto traders with open short positions saw $71 million worth of liquidations in a single hour on Monday (ET hours.)

What Happened: According to data from CoinGlass, $71.13 million shorts were liquidated over a one-hour period as Bitcoin (CRYPTO: BTC) surged to $31,177 during early Asian hours on Tuesday.

Meanwhile, just $7.26 worth of long positions were liquidated from crypto traders over the same one-hour period.

Over 24 hours, a total of 94,917 traders had been liquidated from their positions worth a cumulative $282 million. Bitcoin saw a total of $91 million in liquidations while Ethereum (CRYPTO: ETH) saw the second most amount of liquidations at $63 million.

Terra (CRYPTO: LUNA) saw the third most liquidations totaling $29.35 million over the last 24 hours.

The sudden surge in crypto assets may have been linked to gains seen in stocks last week, Benzinga reported earlier today.

Bitcoin has become increasingly correlated with the S&P and the index’s rally last week may have propelled cryptocurrencies higher today, according to crypto trader Justin Bennet.

“Looks like [Bitcoin] is about to play catch-up. This would put it in the mid $30k range at current S&P levels,” he said.