In the crypto market, approximately $424 million worth of short positions were liquidated in the last 12 hours. This development stands out as a strong short squeeze triggered by Bitcoin's (BTC) sudden rise.

According to data platforms like Coinglass, Bitcoin's price recently rose rapidly, surpassing the $68,000 level and even approaching $70,000. This rise caught investors who had opened bearish positions off guard and led to large-scale liquidations. Short positions were heavily wiped out, especially in major coins such as Bitcoin, Ethereum (ETH), and Solana (SOL). While some sources state this figure as exactly $420 million, values closer to $424 million were reported due to rounding and time frame differences. This wave of liquidations triggered FOMO (fear of missing out) in the market and further strengthened the bull momentum. Analysis platforms like Santiment have noted a significant shift towards bullish investor sentiment. Short squeezes often trigger sudden price surges because liquidated short positions create extra pressure on the market through automated buy orders.
According to current market data, total liquidations have exceeded $500 million, with shorts accounting for the majority of total liquidations (approximately 80%+). In Bitcoin, short liquidations in the last 24 hours were around $275 million, while in Ethereum they were around $130 million.
This event once again highlights the risks in leveraged trading: short positions can be rapidly wiped out during sudden price increases. Investors should be cautious when using high leverage in volatile markets.
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