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Bitcoin Squeeze Triggers $2.7 Billion in Short Losses

Nearly $3 billion in positions were liquidated, mostly shorts in Bitcoin and Ether. The squeeze followed a sharp move toward $70,000 and also hit Solana.

By Zenz van der Wielen
• 2 min read
Bitcoin Squeeze Triggers $2.7 Billion in Short Losses

Key Takeaways

  • Short sellers lost nearly $2.7 billion in 24 hours as Bitcoin climbed toward $70,000.
  • Nearly $3 billion in positions were liquidated across 172,108 traders; shorts made up about 92%.
  • Bitcoin traded above $69,100, nearly 8% higher than 24 hours earlier, and hit its highest level since early June.

Short sellers lost nearly $2.7 billion (€2.3 billion) in 24 hours as Bitcoin climbed toward $70,000 (€60,300). That pushed the crypto market into the biggest wave of forced short closures since the records that CoinGlass has tracked since 2021.

In total, nearly $3 billion (€2.6 billion) in positions were liquidated across 172,108 traders. Shorts accounted for about 92% of that amount, compared with $257 million (€221 million) in long liquidations. That works out to more than ten to one and shows how one-sided positioning was before the move.

Shorts Get Hit Hard

The biggest blow came from Bitcoin itself. According to CoinGlass, $1.42 billion (€1.2 billion) in bitcoin shorts were closed, with more than $1 billion (€0.9 billion) wiped out in about an hour. Ether accounted for $1.13 billion (€1 billion) in liquidations, while Solana also joined the broader selloff in short positions.

The largest single position that disappeared was a $48.8 million (€42.1 million) Bitcoin trade on Hyperliquid. That shows how quickly leveraged positions can get wiped out when the price suddenly moves higher.

Bitcoin Back Above $69,000 (€59,500)

Bitcoin traded just above $69,100 (€59,500) on Thursday morning in Asia, nearly 8% higher than 24 hours earlier. The price briefly touched almost $69,900 (€60,200), putting it more than $5,700 (€4,910) above Wednesday’s low around $64,100 (€55,200). It was the first time since early June that Bitcoin had been back at these levels.

That move fits into a market that has already swung sharply back and forth several times over the past few months, including between roughly $62,000 (€53,400) and $66,000 (€56,900). The end of last year, Bitcoin reached an all-time high above $125,000 (€107,700) before later dropping sharply again. Those swings show how sensitive the crypto market still is to macroeconomic news and changes in risk appetite.

The recent breakout lines up with the pattern traders had already seen when Bitcoin was nearing a technical breakout around $66,600 (€57,400). Back then too, the market could accelerate quickly once short positions came under pressure.

What This Means for Europe

For European crypto traders, the main takeaway is that these liquidation waves often build up fast and spill over even outside U.S. trading hours. If Bitcoin stays above $69,000 (€59,500) during the Asian and European sessions, that could set the tone for the rest of the day, but it still does not mean the trend will last. CoinGlass also warned that the real liquidations could be higher, because Binance has reported limited data since April 2021, which means the dataset is not complete.

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