Crypto liquidations hit $340 million in 24 hours as Ethereum-led short squeeze builds

Crypto derivatives liquidations totaled about $340 million over 24 hours, with short positions accounting for roughly $285.84 million and longs about $54.61 million, as a cooler-than-expected U.S. inflation reading fueled a broad rally in digital assets. In roughly 60 minutes after the July 14 U.S. Consumer Price Index report, about $111 million in crypto short positions were liquidated, including approximately $105.8 million from bearish bets alone, as Bitcoin pushed past $64,000 and briefly approached $65,000 while Ethereum climbed to around $1,900. Ethereum shorts were hit particularly hard, with more than $56 million in Ethereum-related short liquidations in that hour, underscoring how heavily positioning had tilted bearish ahead of the data. The move followed another large short squeeze on July 7, when about $108 million in short positions were liquidated, pointing to repeated episodes of crowded bearish positioning in July. As the rally extended, total liquidations across all positions expanded into the hundreds of millions over 24 hours, reflecting the amplifying effect of leverage during sharp market moves.