Bears got absolutely wrecked yesterday. Over $359 million in crypto liquidations hit the derivatives markets, and 73.7% came from short positions alone.
The trigger? Israel-Iran ceasefire news sent Bitcoin and Ethereum rallying hard. ETH actually outpaced BTC with 7% gains versus 3.5%, leading to $168M in ETH liquidations compared to $153M for Bitcoin.
What the data shows
Bybit's Taker Buy Sell Ratio spiked above 1.0 - historically a reliable signal for incoming price pumps. The metric measures aggressive buying vs selling, and when it crosses that threshold, things usually get interesting fast.
Smaller coins got hit too: Solana ($29M) and XRP ($13M) saw liquidations, but nothing compared to the big two. This concentration shows how BTC and ETH still drive the entire market.
The technical side
For developers building trading systems or analyzing market data, this event highlights several key points:
Liquidation cascades create artificial volume spikes
Geopolitical events can override technical indicators instantly
Risk management algorithms need to account for sudden sentiment shifts
The recovery brought BTC back to $105,100, proving once again that crypto markets can flip sentiment in hours, not days.
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This liquidation event is a perfect case study for anyone building trading bots or market analysis tools. The data patterns here will likely repeat in future volatility cycles.
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