Bitcoin Shorts Worth $10B at Risk as Market Teeters on Edge

The crypto market is bracing for what could be its biggest liquidation event of the cycle.

A record $10 billion in Bitcoin shorts are at risk, with nearly twice as much potential liquidation liquidity above the price than below.

According to CoinGlass, this means that if the BTC price rises, a short squeeze is imminent.

Despite some relief from geopolitical tensions, the market's response has been muted, with U.S. investors seemingly turning their back on digital assets.

The situation becomes even more precarious when considering the recent surge in leverage, with Bitcoin's Open Interest reaching an 8-month peak and surpassing levels seen prior to the October crash.