Over the past 24 hours, more than $861 million worth of cryptocurrency positions were forcibly closed across major exchanges as prices moved sharply against traders. The bulk of the damage hit short sellers, with roughly $679.5 million in short positions liquidated when the market rose instead of falling as they had bet.

This wave of liquidations highlights the high leverage still present in crypto markets. When prices move quickly, traders who borrowed heavily to amplify their bets can see their positions wiped out in minutes, adding further volatility as exchanges automatically sell or buy the assets to close those trades. $BTC