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Over $560M in shorts wiped out in one hour as Bitcoin skyrockets
It’s a bloodbath for bearish traders. According to real-time data from CoinGlass, more than $700 million worth of crypto positions were liquidated in less than an hour, and nearly all of it came from short sellers getting absolutely crushed. Bitcoin alone saw over $425 million in short liquidations — only about $5 million of that tally came from the long side. So, what’s going on? This is what traders call a short squeeze — and it’s textbook. Bitcoin has been on a tear lately, and when prices jump unexpectedly, anyone betting against the rally (aka “shorting”) suddenly finds themselves in trouble. ... (full story)
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