CoinDesk
Bitcoin ripped toward $70,000 on Wednesday, vaporizing $2.74 billion in short positions in 24 hours, the largest single-day short liquidation in records going back to 2021. The forced buying briefly pushed BTC to nearly $69,900, levels last seen in early June, before the coin settled just above $69,100 in Asian morning trade, up almost 8% on the day. Across the broader market, total liquidations reached nearly $3 billion across 172,108 traders, with shorts making up roughly 92% and long liquidations capping at just $257 million, a ratio of more than ten to one.
Why it matters
The scale tells you where leverage had piled up. When shorts get squeezed this violently, it signals that bearish positioning had built to a point where even a modest push could trigger cascading forced buying. The October 10, 2025 crash, which produced $19 billion in total liquidations after bitcoin topped $126,000, included $2.47 billion in shorts, and that was the previous record. Wednesday's short wipeout surpassed it without any of the long-side carnage that defined that deleveraging event.
Market impact
Bitcoin climbed more than $5,700 from Wednesday's low near $64,100 in a matter of hours, with more than $1 billion of short positions closing in roughly 60 minutes and the full-day short liquidation reaching $1.42 billion. Ether accounted for $1.13 billion of liquidations and solana added $104.67 million, while the largest single position wiped out was a $48.8 million bitcoin trade on Hyperliquid. The question now is whether the squeeze can sustain itself: moves built on forced buying rather than fresh demand have a habit of giving some of it back, so traders are watching whether bitcoin can hold above $69,000 through the Asian and European sessions.
Frequently asked questions
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How much did short sellers lose as bitcoin moved toward $70,000?
Short sellers lost $2.74 billion in 24 hours as bitcoin surged toward $70,000, the largest single-day short liquidation in records going back to 2021.
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How does this short squeeze compare to October 2025's record crash?
The October 10, 2025 crash produced $19 billion in total liquidations after BTC topped $126,000, including $2.47 billion in shorts, the previous short-side record. Wednesday's short wipeout surpassed that number without any of the accompanying long-side carnage.
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What was the ratio of short to long liquidations?
Total liquidations reached nearly $3 billion across 172,108 traders. Shorts made up roughly 92%, against $257 million on the long side, a ratio of more than ten to one.
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Which altcoins saw the biggest liquidation hits?
Ether accounted for $1.13 billion in liquidations and solana added $104.67 million. The largest single position wiped out was a $48.8 million bitcoin trade on Hyperliquid.
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Why might the squeeze be fragile?
More than $1 billion of short positions closed in roughly an hour, meaning the rally was driven by forced buying rather than fresh demand. Moves built on forced buying tend to give back gains once the squeeze fuel is exhausted.
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