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Bitcoin rally wipes nearly $3 billion from BTC short bets
Short sellers lost $2.7 billion over 24 hours as BTC climbed to as high as $72,000, with 172,108 traders liquidated, the biggest loss since 2021.
Yahoo Finance reports that traders and investors who were short Bitcoin lost close to $3 billion in U.S. value after BTC jumped above $70,000 late on Aug. 19.
According to market data cited by Yahoo Finance, losses totaled $2.70 billion U.S. in the past 24 hours as the price reached a high of about $72,000 U.S., triggering total liquidations that affected 172,108 professional traders, per CoinGlass data.
Yahoo Finance also noted the move comes after Bitcoin traded in a narrow $60,000 to $65,000 U.S. range for roughly six weeks, with Wall Street positioned for further declines.
The outlet attributes the sharp reversal to renewed regulatory optimism after U.S. President Donald Trump publicly called for Congress to pass the Clarity Act, which would provide a framework for digital assets.
Latest closeBitcoin $71,707.39 ▲3.5%