CoinGlass: the largest liquidation of shorts since 2021 has occurred. Shorts have liquidated ~$800 million in the last 24 hours.
Binance has not fully disclosed the liquidations and the actual numbers are higher.
CoinGlass reported that the cryptocurrency market experienced the largest liquidation of short positions since 2021, with approximately $800 million in shorts liquidated over a 24-hour period. This event was driven by a significant altcoin rally, particularly in Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE), and Solana (SOL), which triggered widespread liquidations. the total liquidations reached around $837.8 million, with major contributions from Bitcoin ($341.3 million), Ethereum ($283.61 million), and Solana ($25.64 million). The largest single liquidation order was on Binance’s BTCUSDT pair, valued at $11.97 million. Notably, Binance has not fully disclosed its liquidation data, suggesting the actual figures could be higher. This short squeeze, described as the biggest since 2023 in some posts, reflects intense market volatility and leveraged trading activity, catching many bearish traders off-guard.