Bitcoin’s meteoric rally liquidated about $172 million in short positions in the last 24 hours, data from shows. The currency led a crypto market recovery from one-month lows as U.S. President Joe Biden held off on completely blocking Russia from the global financial system.

Bitcoin price jumps 10% in last 24 hrs

The world’s largest cryptocurrency jumped 10% in the last 24 hours, coming close to $40,000 after concerns over Russia’s invasion of Ukraine knocked it below key support levels. Most altcoins logged double-digit gains.

The growth dynamics were relatively modest, which indicates the caution of buyers. It is likely that these are long-term holders rather than short-term speculators, as markets generally remain wary.

-Alex Kuptsikevich, a senior financial analyst at FxPro.

Data showed overall positioning on BTC was largely short this month.

Bitcoin short positionsSentiment towards BTC has been negative

OKX had the highest ratio of short positions, at about 90% with $35 million worth of shorts. Binance had the second-highest number of shorts, while 59% of positions on FTX were long over the past 24 hours.

The single largest liquidation order happened on Bitmex, and was worth nearly $8 million. Overall, traders who were short against the crypto market lost a whopping $402 million over the past 24 hours.

The move harkens back to the GameStop short squeeze last year, where increased retail and social media interest drove the company’s highly-shorted share price from single digits to nearly $500 in a few days. The spike had cost short positions on the stock as much as $20 billion.

Cryptocurrencies had tracked a broader rally in financial markets. U.S. stocks had surged more than 1% on hopes that the latest bout of U.S. sanctions would not be as economically damaging as feared.

But in crypto, safe-haven trades still dominated volumes. Stablecoin Tether accounted for more than half of the market’s volumes in the last 24 hours, at nearly $63 billion- more than those of Bitcoin and Ethereum combined.

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