Bitcoin Surge to $63,700 Wipes Out $504M in Short Positions
Bitcoin's rally above $63,700 triggered approximately $504 million in losses for short sellers over 24 hours, the largest single-day short squeeze since late April. Total crypto liquidations reached $655 million, affecting over 104,000 traders, with bitcoin and ether positions accounting for the bulk. The bounce from last week's low near $60,000 came after a 14% drop driven by Strategy's first bitcoin sale since 2022, AI stock unwind, and record ETF outflows. However, renewed Iran-Israel tensions on Monday pushed bitcoin back to $62,900, with oil surging and Asian stocks falling. The incident highlights the volatility of leveraged trading in crypto markets, as shorts piled in near the lows and were caught off-guard by the rebound. The single largest forced liquidation was a $12.3 million bitcoin futures position on OKX. Bitcoin's recovery may face further pressure from upcoming U.S. inflation data and major IPOs, including SpaceX.
Key facts
- Short sellers lost $504M in 24 hours as bitcoin surged to $63,700.
- Total crypto liquidations hit $655M, affecting over 104,000 traders.
- Bitcoin fell 14% last week before bouncing from below $60,000.
- Renewed Iran-Israel tensions pushed bitcoin back to $62,900.
- Largest single liquidation was a $12.3M bitcoin futures position on OKX.