Crypto Derivatives Market Sees $247M in Liquidations Amid Short Squeeze

The cryptocurrency derivatives market experienced a significant shakeout over the past 24 hours, with total liquidations across major perpetual futures reaching an estimated $247 million. This event was concentrated across three primary assets: Bitcoin (BTC), Ethereum (ETH), and Taiko (TAIKO).

According to market data, the overwhelming majority of losses were incurred by short sellers as a sudden price move forced the closure of leveraged positions. For example, in BTC, $146.86 million was liquidated, with 81.67% of those positions being shorts betting against the price.

The data clearly shows a coordinated short squeeze across these assets, where a rapid price increase forced bearish traders to buy back assets to cover their positions, further accelerating the upward momentum.