Crypto Short Liquidations Surge Past $2B in 24 Hours
The crypto market just handed short sellers a painful lesson. Over $2.16 billion in short positions were liquidated across derivatives markets in a single 24-hour stretch, accounting for more than 90% of total liquidations that reached approximately $2.37 billion.
BTC was the primary engine of destruction, with $1.20 billion in BTC short liquidations alone. Long liquidations on Bitcoin barely registered at roughly $40 million.
The lopsided positioning heading into the move is evident in the 30-to-1 ratio between short and long liquidations. BTC surged with daily gains exceeding 5-6%, approaching the $69,000 level, and the volatility exceeded 9% in at least one snapshot during the period.
Ethereum, Solana, and Hyperliquid's HYPE token also contributed to the overall liquidation totals, though Bitcoin dominated the scoreboard by a wide margin.