Bitcoin's Historic Short Squeeze Reaches $1.1 Billion
Bitcoin's recent surge to nearly $70,000 triggered an unprecedented wave of short liquidations, surpassing previous records. The cryptocurrency rose as high as $68,982.40 over the past 24 hours before easing to around $68,189.62, representing a gain of roughly 5.4%. This marked Bitcoin's first break above $68,000 since June.
The scale of the derivatives squeeze was historic, with approximately $1.1 billion in short liquidations recorded in a single day on Bitcoin perpetual futures. Vetle Lunde, head of research at K33, described the event as Bitcoin's 'first-ever daily billion-dollar short liquidation volume' and the largest short liquidation volume on record.
The total crypto liquidations over the preceding 24 hours reached $1.92 billion, with short positions accounting for $1.74 billion, according to CoinGlass data. The largest individual liquidation was a roughly $48.8 million BTC-USD position on Hyperliquid.