Bitcoin's Surge Triggers $929M in Crypto Liquidations

Crypto liquidations have reached $929.14 million after Bitcoin surged above $86,000 for the first time in eight months.

The rally, which began on September 15 when Bitcoin was trading around $75,000, caught leveraged traders off guard and triggered a major short squeeze.

According to data from various exchanges, around $648 million in short positions were liquidated across the crypto market, adding more buying pressure and contributing to the price increase.

The largest single liquidation was an $11.29 million BTCUSDT position on Binance, with a total of 131,814 traders being liquidated over the past 24 hours.