Bitcoin's Surge Triggers Record-Breaking Short Squeeze

Bitcoin's recent surge has caused a significant wave of liquidations among short sellers, with nearly $2.7 billion lost in just 24 hours.

The total liquidations across 172,108 traders reached almost $3 billion, with shorts accounting for approximately 92% of that amount, compared to $257 million on the long side.

This represents the largest wave of forced short closures in records dating back to 2021 and surpasses the $2.47 billion in shorts liquidated during the biggest crash in crypto history last October.

The squeeze was concentrated and fast, with over $1 billion of bitcoin shorts closed within an hour, and $1.42 billion across the full day.