Crypto Carnage: Bitcoin and Ethereum Obliterate $871M in Shorts—Largest Liquidation Event Since 2021

Bulls just wrecked the bears’ picnic. Crypto markets saw their fiercest short squeeze in four years as Bitcoin and Ethereum rallied hard—liquidating $871 million worth of leveraged bearish bets in 24 hours. Traders who bet against the rally got steamrolled.

Blood in the derivatives pool: The last time shorts got slaughtered this badly was during the 2021 bull run. Exchanges reported cascading liquidations as BTC surged past $65K and ETH cleared $3,100. Cue the margin calls.

Wall Street’s usual ’risk management’ playbook? Shredded. Meanwhile, retail traders who FOMO’d in at the top last month are still waiting for their break-even parties. The crypto casino always takes its vig.

Crypto Liquidation HeatmapCrypto Liquidation Heatmap Remarkably, Coinglass noted that Binance did not fully disclose its data, suggesting there might be higher statistics than displayed. Meanwhile, the largest singular liquidation in the past 24 hours came from a whale, who lost $11.97 million on the BTC/USDT pair on Binance. Easing Selling Pressure Suggests More Upsides For context, CryptoQuant’s CEO, Ki Young Ju, highlighted easing Bitcoin’s selling pressure as a catalyst for this price acceleration. He noted in a tweet that whales did not just stop selling; massive inflows from institutions and US exchange-traded funds (ETFs) have accelerated. https://twitter.com/ki_young_ju/status/1920738436887310582 While admitting to his earlier wrong disposition, he stressed that the crypto market dynamics have evolved from old whales and retail passing around Bitcoin to a more diverse setting with growing capital influx from institutions and even governments. Meanwhile, with market indicators slowly turning bullish, analysis suggests Bitcoin may see further upside. Moreover, prominent market participants have predicted prices like $120,000 before the end of Q2 and $200,000 by the end of the year.