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Bitcoin shorts worth $1.23 billion liquidated in an hour
The liquidation spree followed a 2.5% rise in BTC to about $68,424 and brought total liquidations to $1.31 billion in 60 minutes, with Ethereum accounting for roughly $430 million of the damage.
Crypto short liquidations totaled $1.23 billion in about one hour as Bitcoin climbed 2.5% to near $68,424, according to Yahoo Finance. The surge was driven by forced buying that fueled additional liquidations across the market.
Hyperliquid whale wallets absorbed $194 million of the losses, the outlet said. CoinGlass data cited by Yahoo Finance showed total liquidations reached $1.31 billion in the hour, with shorts making up nearly all of it.
Bitcoin positions accounted for about $770 million of the wipeout, while Ethereum contributed another roughly $430 million. Ethereum gained 3.9% to trade back above $2,000, near $2,084.
Yahoo Finance also linked the move to broader market conditions, saying the rally began in the bond market after long-end debt buybacks pulled Treasury yields down from a 19-year high. The outlet noted the timing overlaps with the Federal Reserve's July meeting minutes scheduled for release at 2 pm ET, hours after the liquidation spike.
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