Crypto Short Sellers Suffer Historic Losses as Prices Rise

The cryptocurrency derivatives market has witnessed its largest wave of forced short-position liquidations in months.

A sharp rise in prices over the past 24 hours triggered the liquidation of short positions worth a total of $665.81 million, according to analytics platform CoinGlass.

Total daily trader losses, including long positions, reached $789.57 million, affecting 117,942 market participants.

The excessive accumulation of highly leveraged short positions created the conditions for a classic short squeeze.