Bitcoin rally wipes out $2.7B in short positions in 24 hours
Short sellers lost nearly $2.7B in 24 hours as Bitcoin (BTC-USD) surged toward $70,000, marking the largest wave of forced short liquidations in records dating back to 2021.
The scale of the short squeeze stands out even against last October’s historic crypto selloff. On Oct. 10, 2025, Bitcoin plunged after reaching a record above $126,000, triggering $19B in liquidations, the largest single-day deleveraging event in crypto history. Shorts accounted for $2.47B of that total.
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