CoinDesk
Bitcoin's sharp rebound from last week's lows triggered roughly $504 million in losses for short sellers over 24 hours to Monday morning, the largest single-day hit for bears since late April, according to CoinGlass data. Total crypto liquidations reached about $655 million and hit more than 104,000 traders, with bitcoin positions accounting for $315 million and ether for $201 million of the forced closures.
The biggest single forced trade was a $12.3 million bitcoin futures position on OKX. The squeeze comes after many leveraged bears piled into shorts near the $60,000 floor, then got caught when bitcoin rebounded to a weekend high near $63,800 before easing to about $62,900 on Monday.
Why it matters
The size of the short-loss print matters more than the bounce itself: it shows leveraged capital was leaning the wrong way into last week's flush, and a meaningful chunk of that positioning has now been forcibly cleared. A cleaner book going into U.S. inflation data and a heavy IPO calendar — including SpaceX — typically leaves price less anchored to stale leveraged flows and more exposed to the next catalyst.
The macro backdrop is doing the opposite of cooperating. Renewed Iran-Israel strikes pushed oil up more than 3% and dragged Asian stocks sharply lower, with South Korea's KOSPI down almost 7%. President Trump urged Israel not to retaliate further, but risk-off tones have already started giving the weekend bounce back.
Market impact
BTC briefly touched $63,700 on Monday before retreating to around $62,900 — still well above last week's floor but already showing that the squeeze trade is meeting a bid from geopolitics. Longs took $151 million in liquidations by comparison, a fraction of the short-side damage. Volatility looks set to stay elevated into the inflation print and the IPO wave, and the next directional read will come from how the $62,000-$63,000 range holds now that the over-leveraged short side has been cleared.
Frequently asked questions
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How much did bitcoin short sellers lose in the recent squeeze?
Short sellers lost roughly $504 million over 24 hours to Monday morning, the largest single-day hit for bears since late April, according to CoinGlass data. Total crypto liquidations hit about $655 million across more than 104,000 traders.
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What was the biggest single forced liquidation during the squeeze?
The largest single forced closure was a $12.3 million bitcoin futures position on the exchange OKX. Bitcoin positions accounted for $315 million of total liquidations, with ether adding $201 million.
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Why did bitcoin bounce from below $60,000?
Many leveraged traders had piled into shorts near last week's lows below $60,000, then got squeezed when bitcoin rebounded to a weekend high near $63,800. The move forced a rapid unwind of those short bets, amplifying the rally.
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How did the Iran-Israel flare-up affect bitcoin's price?
Renewed strikes between Iran and Israel pushed oil up more than 3% and sent Asian stocks sharply lower, with South Korea's KOSPI falling almost 7%. Bitcoin briefly touched $63,700 on Monday before easing to around $62,900 as risk-off tones spread.
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What catalysts could move bitcoin next?
Key U.S. inflation figures and a wave of major IPOs including SpaceX are likely to keep volatility elevated. With the over-leveraged short side largely cleared, price is now more exposed to those upcoming macro and event-driven catalysts.
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