Bitcoin just triggered a record-breaking short squeeze, wiping out nearly $2.7 billion in short positions within 24 hours as prices surged toward $70K — the biggest forced liquidation wave since 2021. Ether and Solana joined the rally, with over $1 billion in Bitcoin shorts closing in just an hour. Unlike the massive 2022 deleveraging event that crushed both long and short traders, this time it was mostly short sellers who got hit. Binance’s changed reporting methods since 2021 may mean actual losses are even higher. The key question now: can Bitcoin hold above $69K? With so much selling pressure removed, the market may stabilize — but rallies fueled by forced buying can quickly reverse if new demand doesn’t step in.
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