Bitcoin and Ethereum have seen more than $50 million in short liquidations in the past 24 hours, with these coming as prices surged to multi-week highs.

Despite most of the liquidation volume coming from shorts, bullish bets also suffered, with over $58 million in long positions liquidated across the market. Early trading hours on Wednesday though saw the market rip higher, with Bitcoin (BTC) jumping from lows of $64k to above $66k on major exchanges. Ethereum (ETH) rose above $3,500.

This price spike led to widespread liquidations, as data from Coinglass indicates. Bearish bets accounted for the largest share of liquidations across many digital assets. Coinglass data shows Bitcoin alone saw more than $30 million in short liquidations, while Ethereum had over $21 million.

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