Quick Take

December has started on a bullish note for Bitcoin, with the opening price over $38,000 and a high brushing just under the $38,400 mark.

This price surge has had a significant impact on the digital asset market. In the past 24 hours, approximately $36.88 million worth of short positions have been liquidated. According to Coinglass, Binance shouldered the brunt of these liquidations, accounting for just $15.62 million in liquidated shorts.

Meanwhile, roughly $500 million of liquidation leverage is sitting between the current price of Bitcoin at $38,300 and $39,000.

liquidation heatmap binance
Chart showing the BTC/USDT liquidation heatmap on Binance from Nov. 28 to Dec. 1, 2023 (Source: Glassnode)

Furthermore, this price uptick has sparked a rise in Bitcoin open interest. Open interest represents the total number of outstanding Bitcoin futures or options contracts in circulation at a given time, indicating the amount of capital committed to Bitcoin derivatives. Open interest has seen a 4% rise over the past 24 hours. Consequently, Binance has emerged as the leading exchange in terms of Bitcoin open interest.

bitcoin futures open interest
Chart showing the open interest on Bitcoin futures on Dec. 1, 2023 (Source: Glassnode)

The post Bitcoin rally triggers over $36 million in shorts liquidations appeared first on CryptoSlate.

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