Mid-May has been a minefield for cryptocurrency short traders as many digital assets enjoyed rallies not seen in months. 

In the 24 hours between the morning of May 13 and the morning of May 14, as much as $20.4 million worth of Bitcoin (BTC) shorts were liquidated, per data retrieved from Coinalyze on May 14.

Of these, perpetuals accounted for almost the entire amount, while only approximately $39.9k were marked as futures liquidations.

The erasure of bearish bets coincided with a shallow correction in the cryptocurrency market. After climbing above $105,000 on May 12, Bitcoin corrected below $102,000 on May 13, only to soon regain upward momentum. 

Overall, mid-May volatility resulted in BTC being 7.39% up in the weekly chart with its press time price of $104.136.