At 05:00 UTC on Saturday (April 10), the Bitcoin ($BTC) price broke above the $61,000 level for the first time in four weeks, in the process liquidating nearly $400 million worth of short BTC positions across major derivatives exchanges.
Data by TradingView indicates that around 05:00 UTC, on crypto exchange Bitstamp, the Bitcoin price went above $61K, and a minute later, reached $61,158, which is currently today’s intraday high. The last time Bitcoin was above $61K was on March 13, when it set the all-time high of $61,627.
According to Bybt, at 05:00 UTC on April 10, over $379 million in short BTC positions got liquidated across major crypto exchanges.
Here is how crypto analyst Alex Krüger summarized what happened to the BTC shorts: “Bitcoin shorts just got steamrolled by a wave of leveraged longs.”
As of 08:40 UTC on April 10, funding rates for BTC perpetual swaps are positive. On Binance, the funding rate is 0.1889% and on OKEx it is 0.2128%.
Here is how Bybt says we should interpet these numbers:
“Positive funding rates suggests speculators are bullish and long traders pay funding to short traders. Negative funding rates suggests speculators are bearish and short traders pay funding to long traders.“