Bitcoin Short Squeeze Wipes Out $504M in Bearish Bets

A short squeeze in the Bitcoin market has resulted in the loss of approximately $504 million in bearish positions over a 24-hour period. This development comes after a difficult week for Bitcoin, which saw prices briefly fall below $60,000 due to various market pressures.

According to data from CoinGlass, total crypto liquidations reached around $655 million, affecting more than 104,000 traders. Of this amount, roughly $315 million was attributed to Bitcoin and another $201 million to Ether.

The largest single liquidation occurred on the OKX exchange, where a Bitcoin futures position worth approximately $12.3 million was automatically closed due to losses exceeding a predefined threshold.