Bitcoin's Rally Triggers $197.75M in Forced Liquidations

Forced liquidations across cryptocurrency futures markets have reached a staggering $197.75M over the past 24 hours, according to recent data.

The majority of this figure is attributed to short positions on Bitcoin (BTC) and Ethereum (ETH), which were triggered by their respective price movements.

Bitcoin's surge above $76,000 was the catalyst for a wave of short closures, while Ethereum followed suit after breaching its own resistance level.

The $197.75M figure encompasses both spot-margined and USDT-margined perpetual contracts across major exchanges.