$58M in Crypto Shorts Wiped Out in One Hour as Bitcoin Squeezes Bears

A massive $58.2 million in crypto short positions were liquidated in just one hour on September 3, with Bitcoin accounting for $47.5 million of the total carnage.

The sudden price move caught traders betting against the market off guard, forcing exchanges to close their leveraged bets and exacerbating the losses.

According to CoinGlass, a platform that aggregates real-time liquidation data, this was primarily a Bitcoin-driven event, with $47.5 million in short liquidations representing about 82% of the total crypto liquidations in that hour.