Bitcoin Surges Past $79K, Wipes Out Record $3.07B in Shorts

A record-breaking $3.07 billion in crypto short positions was liquidated on August 20 as Bitcoin surged toward $80,000.

The sudden price increase triggered a wave of forced buying as leveraged traders closed their positions to avoid further losses.

Data from CoinGlass shows that total 24-hour liquidations rose to approximately $2.71 billion on August 20, with shorts accounting for roughly $2.47 billion.

The surge in Bitcoin's price also led to increased inflows into spot Bitcoin ETFs, totaling around $1.92 billion over the week of August 17-21.