Crypto Bears Get Squeezed as $113 Million in Shorts Liquidated

The crypto market experienced a significant squeeze over the past 24 hours, with $113 million in short positions forcibly closed. According to data compiled by Coinglass, this figure made up the lion's share of approximately $138 million in total liquidations. Long positions, which bet on rising prices, accounted for only $25.16 million of the wipeouts. Shorts were liquidated at more than four times the rate of longs.

Bitcoin led the carnage, with short positions on the largest crypto asset accounting for $57.07 million of the liquidations, roughly half of all shorts closed during the period. Ethereum came in second, with $24.04 million in short positions erased.

The single largest casualty was a $5.63 million ETHUSDT short on Binance. In total, 42,225 traders were liquidated across the venues Coinglass tracks. Binance frequently leads in liquidation volumes, according to the Coinglass data.

This episode is reminiscent of a similar wave in July 2026, which also produced $113 million in short liquidations. That earlier episode was tied to a 4.5% rise in Ethereum toward $1,980, a move that came amid inflows into Ethereum ETFs. When shorts get liquidated, the exchange has to buy back the asset to close their positions, which can push prices higher and trigger more liquidations.