Crypto Short Squeeze Liquidates $800M in Positions

Cryptocurrency markets underwent intense volatility over the past 24 hours, with liquidations of leveraged positions totaling hundreds of millions of dollars across major exchanges. The bulk of these forced closures struck short sellers, who bet on falling prices but faced rapid losses as Bitcoin and Ethereum rallied from key support levels, marking one of the largest short squeezes in recent months.

Data from trading platforms showed short liquidations dominating the latest sessions. In the most recent four-hour period, shorts accounted for about $69 million in closures, compared to roughly $20 million for long positions. Over the full 24 hours, estimates varied by source but consistently highlighted shorts comprising 55 percent to 77 percent of the total, with figures ranging from $422 million to $817 million overall. Bitcoin led the activity, with approximately $380 million in its perpetual futures liquidated, over 90 percent from shorts, as the asset surged past $75,000 and approached $76,000. Ethereum followed closely, with $165 million in closures, nearly 88 percent shorts. This imbalance reflected heavy bearish positioning that unraveled amid the upward momentum.