Bitcoin Short Squeeze Wipes Out $2.7B in Shorts as Price Hits $69,100

Bitcoin's recent price surge toward $70,000 triggered a massive short squeeze that resulted in a record $2.7 billion in short position liquidations within 24 hours. This figure surpasses the previous record of short liquidations during the October 2025 crypto crash.

The total cryptocurrency liquidations reached nearly $3 billion, with shorts accounting for 92% of losses, indicating intense pressure from short sellers who were forced to close their positions as the price rose.

Bitcoin's price had risen by 8% in a day to around $69,100, but sustaining these gains will depend on fresh buying since short covering momentum fades once positions are closed.