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Bearish crypto shorts lose record $2.7 billion as bitcoin nears $70,000

Short liquidations accounted for about 92% of roughly $3 billion in total liquidations across 172,108 traders over 24 hours, with a fast squeeze that may be fragile.

Reported · Written up by our desk · Market Structure

CoinDesk reports that traders betting against crypto suffered nearly $2.7 billion in losses over 24 hours as bitcoin surged toward $70,000, triggering the largest wave of forced short closures in records going back to 2021.

According to CoinGlass data cited by CoinDesk, total liquidations reached nearly $3 billion across 172,108 traders. Shorts represented about 92% of the wipeouts, roughly $257 million on the long side, a more than ten to one gap.

CoinDesk says the price move briefly pushed bitcoin near $69,900, levels last seen in early June, and the squeeze unfolded in about an hour. Bitcoin was up nearly 8% over 24 hours after touching nearly $69,900, with the report citing a swing of more than $5,700 from Wednesday's low near $64,100.

The liquidation pressure was concentrated, with more than $1 billion in bitcoin shorts closed in roughly an hour, and $1.42 billion across the full day. CoinDesk also notes Ether accounted for $1.13 billion in liquidations and solana for $104.67 million, and highlights a caveat that Binance restricted its liquidation reporting in April 2021, potentially understating true totals.

Latest closeBitcoin $69,497.27 ▲7.5%|Solana $84.86 ▲10.2%

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