$123M Crypto Liquidations Exceed Past 24 Hours Amid Short Squeeze

The cryptocurrency derivatives market experienced a significant shakeout over the past 24 hours, with total liquidation volumes across major perpetual futures contracts exceeding $123 million.

Data shows that short sellers bore the brunt of the losses, accounting for the vast majority of positions closed. Bitcoin led the liquidation activity with $73.21 million in positions closed, of which an overwhelming 88.91% were short positions.

This suggests a sudden upward price movement caught many bearish traders off guard, forcing automated liquidations as margin requirements were breached. Ethereum followed with $40.27 million liquidated, with shorts representing 77.49% of the total.