🩸 Crypto bears just took a historic hit.
Around $2.74B in short positions were wiped out within 24 hours, accounting for 92% of nearly $3B in total liquidations.
$BTC shorts alone made up $1.37B, while $ETH shorts added another $1.01B both setting record levels.
The only larger liquidation event came during the October 10 crash, but that time, it was longs getting crushed as the market dropped.
This time, the leverage was stacked on the bearish side.
A brutal reminder of what happens when the market moves against an overcrowded trade.
#CryptoRally
Around $2.74B in short positions were wiped out within 24 hours, accounting for 92% of nearly $3B in total liquidations.
$BTC shorts alone made up $1.37B, while $ETH shorts added another $1.01B both setting record levels.
The only larger liquidation event came during the October 10 crash, but that time, it was longs getting crushed as the market dropped.
This time, the leverage was stacked on the bearish side.
A brutal reminder of what happens when the market moves against an overcrowded trade.
#CryptoRally