BTC's $70K Surge Wipes Out $1.9B in Shorts

BTC's price surge to nearly $70,000 has triggered a massive short squeeze in the crypto market. Within 24 hours of reaching this milestone, over $1.93 billion in leveraged crypto liquidations were recorded, with short positions accounting for $1.75 billion of this total.

This is primarily due to traders betting against the market who saw their positions rapidly closed as Bitcoin's price increased. The majority of these liquidations, at $1.15 billion, came from shorting BTC itself.

Ethereum was also affected, with over $516 million in liquidated shorts. This trend suggests continued upward pressure on BTC and ETH prices as bearish bets are rapidly closed.