More Than $3.35 Billion Liquidated in 24 Hours as Price Rises Sharply Over the past 24 hours, more than 188,000 traders had their positions closed by exchanges, with total liquidations exceeding $3.35 billion. The large majority of these were short positions — trades betting that prices would fall. $BTC and $ETH alone accounted for a significant share of the total, with roughly $1.76 billion in liquidations linked to those two assets. Additional long positions of about $1.16 billion were also closed. When price rises quickly, traders who are short are forced by the exchange to buy back the asset to close their positions. Each of those forced purchases adds more buying pressure, which can push the price even higher. This is what is commonly called a short squeeze. It is worth remembering that once a position is liquidated, the exchange decides the outcome. Whether the original trade idea was correct or not no longer matters — the position is closed. The current squeeze has been one of the larger ones seen this year. A powerful forced-covering move driven by rising prices.

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