Bitcoin Bulls Wipe Out $93 Million Crypto Shorts As Price Breaks $66,000
Summary
Bitcoin's rally above $66,000 led to a mass liquidation of short contracts in crypto derivatives. Over $135 million in contracts from 52,000 traders were liquidated, with shorts accounting for 68.4%. Despite positive performance, overleveraged longs were also liquidated. Bitcoin-related contracts contributed the most to the event, with $47 million in liquidations. The surge triggered a short squeeze, a common occurrence in the volatile cryptocurrency market. Despite the squeeze, Bitcoin's futures Open Interest remains high, indicating ongoing speculation.
