The shorts have been cleaned out very thoroughly, but the longs still haven’t gone overboard.
In the past 24 hours, Bitcoin liquidations totaled $476 million, with shorts accounting for $429 million—about 90% of the money lost was paid by people who were short. The price was pulled all the way back above 85,000 from the low of 80,377, rising 5.7% in 24 hours.
In principle, with this kind of one-sided short squeeze, long traders should have already squeezed their heads. But the funding rates on major exchanges like Binance, Bybit, and MEXC are still stuck at the lowest bracket of 0.01%. Annualized, that comes out to less than 11%, which is almost the most mild level in the market.
The rally looks more like it was bought with spot rather than built up with leverage. Long positions aren’t crowded with leverage, so this move is actually healthier. Even if there’s a pullback, it’s less likely to trigger a chain-reaction liquidation cascade.
Take a closer look at the wiped orders: in nearly 24 hours, almost 20,000 trades—an average of $240,000 per trade. This isn’t a giant whale duel; it’s more like retail shorts being slowly harvested piece by piece with a dull blade.
Do you think the 85,000 level has held?
Check in real time: https://www.coinboss.com/liquidations