Bitcoin Shorts Trigger $1.04 Billion Crypto Futures Liquidation

Crypto futures markets saw a massive liquidation event over the past 24 hours, with approximately $1.04 billion in losses recorded.

The majority of these losses were from Bitcoin positions, accounting for $780.87 million in liquidations, with an astonishing 94.93% of those being short positions.

This sharp price movement caught leveraged traders off guard, leading to a short squeeze that forced many to buy back their positions to limit losses.

The high concentration of shorts among Bitcoin suggests that many traders had positioned for a decline, but the market moved against them instead.