Crypto short liquidations surge past $2B in 24 hours as bears get obliterated

The crypto market just handed short sellers one of the most painful lessons in recent memory. 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 according to Coinglass data. Put differently: for every dollar lost by bulls, roughly nine dollars were wiped from bearish bets. More than 148,000 traders got caught on the wrong side of the trade. Bitcoin led the carnage Bitcoin was the primary engine of destruction, with BTC short liquidations alone reaching around $1.20 billion. Long liquidations on Bitcoin, by contrast, barely registered at roughly $40 million. That 30-to-1 ratio between short and long liquidations tells you exactly how lopsided the positioning was heading into the move. 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. How the squeeze built up The setup for this squee...