$162M in Crypto Short Squeezes as Price Bounces Back
The past 24 hours saw a massive short squeeze in the crypto market, resulting in over $162.95 million in leveraged positions being liquidated. This sudden burst of forced closures skewed heavily towards bearish wagers, with shorts accounting for $111.02 million, or 68.13% of the total.
The 'short squeeze' was triggered by a modest uptick in major tokens, causing a cascade of outsized forced liquidations. Despite the scale of liquidations, spot moves in headline assets were relatively contained, with Bitcoin (BTC) trading around $64,539, up 0.83% on the day, and Ethereum (ETH) rising 1.79% to roughly $1,900.
The liquidation leaderboard was led by Bitcoin, which recorded $55.06 million in forced closures, with about 90% of these being shorts. Ethereum followed closely with $50.18 million in liquidations, also heavily short-biased, with approximately 80% attributed to short positions.