The wipeout points to a sharp upward move in digital assets, with bearish traders forced to buy back positions as prices rose.
More than $437,000,000 in short positions were liquidated across the crypto market over the past 24 hours. Short liquidations happen when traders betting on falling prices are forced to close positions, often by buying back the asset as markets move higher. The scale of the liquidations suggests a broad rally or rapid price spike that squeezed bearish positioning across digital assets.