The wipeout suggests a sharp move higher caught bearish traders offside, forcing short-position liquidations across the market over the past day.
Nearly $330 million was liquidated across the crypto market in the last 24 hours, with 80% of the wiped-out positions coming from shorts. That pattern typically points to a rapid upward price move that forced traders betting on declines to close positions, often amplifying momentum as exchanges automatically unwind leveraged trades.