Crypto Market Squeeze Wipes Out $400M in Shorts as Oil Prices Plummet

A surge in Bitcoin, Ethereum, and XRP has left over $400 million in leveraged shorts liquidated, according to recent market data.

The sudden price increase was triggered by a combination of factors, including the Kobeissi Letter's report that the shorts were wiped out within just four hours, and the entry of U.S. spot Bitcoin ETFs, which pulled in $593 million over Thursday and Friday last week.

CoinDesk reported that oil prices also played a role, with Brent crude falling for a fourth consecutive session, its longest losing streak in three months, as diplomatic signals between Washington and Tehran pointed toward easing tensions.