Crypto Market Sees $588 Million Liquidations in Short Squeeze

Nearly $588.8 million in crypto liquidations over the past 24 hours highlighted intensified market volatility, as short sellers were squeezed out and long positions unwound.

The liquidation breakdown shows that $225.1 million in long positions and $363.7 million in short positions were wiped out, with shorts accounting for 61.8% of the total.

Despite a relatively modest price move, Bitcoin (BTC) changed hands at around $62,696, down 0.27% over 24 hours, while Ethereum (ETH) slipped 1.03% to roughly $1,672.

The concentration of liquidations in the two largest assets suggests that traders are cutting exposure in core pairs and reallocating to higher-beta assets.