Bitcoin’s rebound to $63,700 triggered the largest short liquidations in nearly three months, totaling $504 million in losses.
Bitcoin’s surge to $63,700 led to $504 million in short seller liquidations over 24 hours, the highest since late April. The rally reversed bets against the cryptocurrency after it climbed from below $60,000.
Total crypto liquidations reached $655 million, affecting over 104,000 traders. Bitcoin positions accounted for $315 million of the losses, while ether positions contributed $201 million. The largest single liquidation was a $12.3 million bitcoin futures position on OKX.
Prices later retreated to $62,900 amid escalating Middle East tensions and ahead of key U.S. inflation data and major IPOs.