More than $70 million in crypto shorts were suddenly liquidated after a surprise jump in the price of Bitcoin (BTC<\/a>), Ethereum (ETH<\/a>) and other cryptocurrencies on Oct. 1.<\/p>\n According to data from TradingView, the sudden pump saw Bitcoin surge 3% in just 15 minutes from $27,100 to $28,053 before settling down just below the $28,000 mark at the time of publication. <\/p>\n Happy Uptober to those who celebrate. <\/p>\n Remember 2021? pic.twitter.com\/qgHy1ThGOf<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) October 2, 2023<\/a><\/p><\/blockquote>\n Similarly, the price of Ethereum\u2019s native currency Ether also surged, gaining as much as 4.7% in a brief spike to $1,755 before leveling out to $1,727 at the time of publication.<\/p>\n The sudden movement has left most in the community scratching their heads. Many commentators said the move aligned with the arrival of \u201cUptober.\u201d<\/p>\n Welcome to Uptober. <\/p>\n Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. <\/p>\n Potentially #Bitcoin<\/a> to $40,000 is reasonable.<\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 1, 2023<\/a><\/p><\/blockquote>\n Other community members suggested<\/a> that \u201csomeone knows something\u201d that others don\u2019t.<\/p>\n Uptober is crypto parlance for October typically being a bullish month for the price action of Bitcoin and other cryptocurrencies. According to data<\/a> from CoinGlass, October has only produced negative monthly returns twice since 2013. <\/p>\n One of the events that the crypto market is looking to with optimism is the potential approval of a spot Bitcoin ETF product<\/a> by the United States Securities and Exchange Commission. However, most analysts are tipping Jan. 2024 as the most likely date<\/a> for such an announcement. <\/p>\n Related: <\/em><\/strong>Will Bitcoin \u2018Uptober\u2019 bring gains for MKR, AAVE, RUNE and INJ?<\/em><\/strong><\/a><\/p>\n Meanwhile, while those holding spot and long positions may have celebrated the first significant price action in over a month, short sellers have had the opposite luck.<\/p>\n The rapid uptick saw $70 million in short positions liquidated in just two hours. <\/p>\n According to data<\/a> from Coinglass, nearly $36 million worth of BTC shorts and $23 million worth of ETH shorts were \u201crekt\u201d by the sudden price move.<\/p>\n Magazine: <\/em><\/strong>Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/a><\/p>\n<\/div>\n\n
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