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Bitcoin 
$104,911 gained 5% on Monday, surpassing the $71,000 mark and setting a new all-time high since March. This price surge triggered significant liquidations in the crypto market, particularly impacting investors holding short positions. According to CoinGlass data, approximately $238 million was liquidated within the last 24 hours, with $176 million stemming from short positions. Short position liquidations alone amounted to $35.5 million for Bitcoin investors, while Ethereum 
$2,609 investors experienced a total liquidation of $11.95 million.
Impact of Liquidations on Binance
Liquidations in the crypto market occur when investors fail to provide collateral, leading exchanges to forcibly close positions. Binance captured the largest share of these liquidations among all exchanges, with more than half occurring on its platform.
According to CryptoQuant analyst Mignolet, the price movement is influenced by large investors. He stated, “The price movement of Bitcoin is guided by the increased trading activity of whales on Binance.” Mignolet also pointed out that the decline in Coinbase Premium Gap data is indicative of whale influence.
Role of ETFs and Political Developments
Demand for U.S.-based spot Bitcoin ETFs has emerged as another supporter of the price increase. A report from CoinShares indicated that nearly $1 billion flowed into these ETFs last week. The total investment in all digital assets has reached $27 billion since the beginning of the year.
James Butterfill, Head of Research at CoinShares, noted that “political factors in the U.S.” have contributed to this demand. The upcoming U.S. presidential elections are highlighted as influencing market dynamics.
As the U.S. presidential election approaches, decentralized platforms like Kalshi and Polymarket have begun to reflect the impact of political uncertainties on investors. Currently, these platforms suggest that Donald Trump has a higher probability of winning compared to Kamala Harris.
Bitcoin’s rise past the $71,000 mark has caused widespread movements in the markets, drawing attention to exchanges’ roles in liquidations and interest in ETFs. Market movements are shaped by a combination of technical analysis and macroeconomic developments.
