Bitcoin Short Liquidation Surge Hits $13.8 Million in One Hour

Bitcoin short-position liquidations reached $13.82 million in one hour on September 28, as the asset's price rose 0.64% to $84,190. Total Bitcoin liquidations across that period were $14.01 million.

The overwhelming majority of forced closures, a total of $180,000, were long positions. This suggests that traders who took long bets on the cryptocurrency saw their losses exceed their available collateral.

Liquidations occur when exchanges automatically close leveraged positions after traders' losses exceed their available collateral. The figures were compiled from public liquidation data on Binance, Bybit and OKX and do not represent the entire cryptocurrency market.