Crypto Short Squeeze Triggers $404 Million Liquidations as Bitcoin, Ethereum Edge Higher

Roughly $404 million in leveraged crypto positions were liquidated over the past 24 hours, with losses concentrated heavily on traders betting against the market as Bitcoin (BTC) and Ethereum (ETH) held a mild upward bias.

Aggregated ticker-level data showed long liquidations of about $112.6 million versus short liquidations of approximately $291.7 million—meaning close to 72% of forced closures came from the short side. The imbalance suggests that even a relatively contained rebound was enough to unwind a crowded bearish positioning, a pattern typically associated with a 'short squeeze' dynamic in derivatives markets.

In the most recent four-hour window, total liquidations reached $13.9 million across major exchanges. Binance led with $7.1 million, accounting for 51.11% of the total; within Binance, longs made up $3.77 million (53.12%) while shorts totaled $3.33 million. Bybit followed with $2.09 million in liquidations, with longs representing 60.49%, while OKX posted $1.79 million with a long share of 66.33%. Bitget recorded $985,030, Gate $743,110, and Hyperliquid $619,250.

Notably, the liquidation mix varied by venue. Gate saw shorts comprise 60.78% of liquidations, while HTX posted an even higher short share at 65.67%, indicating that some exchanges reflected a more pronounced squeeze as prices ticked higher and short exposure was forced out more aggressively.

Bitcoin remained the primary driver of liquidations. BTC traded around $94,608, up 0.87% on the day. Over a one-hour slice, $81.2 million in long positions and $34.2 million in shorts were liquidated. Over four hours, liquidations skewed sharply toward shorts—about $20.2 million in longs versus $91.6 million in shorts—while 24-hour cumulative totals also showed a clear short-side tilt, at roughly $21.4 million in long liquidations compared with $79.9 million in short liquidations.

Ethereum, while lacking the same breakdown in the provided table, recorded about $36.86 million in liquidations on the 24-hour heatmap—second only to Bitcoin—underscoring how flows remain concentrated in the two largest assets when leverage is being unwound. The four-hour heatmap similarly indicated clustering around BTC and ETH, suggesting that marginal moves in majors can still exert outsized influence on derivatives positioning across the market.

Several altcoins also saw sharp short-side stress despite modest price changes. Solana (SOL) traded near $186.01, down 0.37% over 24 hours, yet registered short liquidations of about $13.25 million over one hour and $13.29 million over four hours—consistent with shorts being forced out during intraday bounces. Sui (SUI) slipped 0.20% to around $2.92 but still posted short liquidations of roughly $15.15 million (one hour), $24.6 million (four hours), and $21.4 million (24 hours), making it one of the clearest candidates for an acute 'short squeeze' episode.

Dogecoin (DOGE) dipped 0.12% to $0.1863, though its 24-hour short liquidations—about $4.18 million—exceeded long liquidations of roughly $1.99 million. HYPE rose 0.48% while posting around $4.47 million in 24-hour short liquidations, and Zcash (ZEC) gained 0.21% alongside about $3.84 million in short liquidations, signaling that downside bets were punished even amid limited spot-market follow-through.

One of the more telling features of the latest washout is that short liquidations dominated across multiple tokens without a broad, explosive rally. That setup typically points to leverage and positioning—rather than pure spot demand—as the immediate catalyst, with incremental price strength in BTC and ETH serving as the trigger that forced bearish exposure to unwind quickly.

Broader heatmap totals also pointed to leverage pressure beyond the megacaps, with figures including SOL at roughly $12.15 million and smaller caps such as RE ($4.66 million), BICO ($4.64 million), ZEC ($3.62 million), and HYPE ($3.13 million). In crypto derivatives, liquidations occur when margin becomes insufficient and exchanges forcibly close positions—often accelerating moves via market orders. The latest skew toward short liquidations suggests a squeeze-driven reset in positioning, which can raise the odds of choppy, two-way volatility as traders adjust after forced de-risking.