Crypto Market Rebound Triggers $684M Liquidations Led by Short Squeeze
Blockchain analytics firm Glassnode reported $684 million in forced liquidations over the past 24 hours, primarily $577 million in short positions as crypto markets surged.
Summary
Glassnode data revealed $684 million in liquidations within 24 hours amid a strong crypto market rebound. Approximately $577 million came from short positions, marking the largest short squeeze among the top 500 cryptocurrencies since the '1011 crash'.
Terms & Concepts
- Liquidation: The enforced closure of leveraged trading positions when margin requirements cannot be met, leading to automatic sale of assets.
- Short Squeeze: A rapid price increase forcing traders who bet against the market to close their positions, amplifying upward pressure.
- Glassnode: A blockchain analytics platform that provides data insights on cryptocurrency market trends and on-chain activity.