Bitcoin Surge Obliterates Shorts, Leaving One Bear Trader Nursing a $92M Loss

Bitcoin Soars Past $121K, Sparks $680M in Crypto Liquidations as Shorts Get Squeezed

Bitcoin’s powerful surge above $121,000 has rocked the crypto markets, triggering more than $680 million in liquidations over the past 24 hours. Short traders have borne the brunt of the pain, with about $426 million in bearish positions wiped out, data from Coinglass shows.

The biggest single loss was a massive $92.5 million BTC short liquidated on HTX, highlighting the sheer scale of this latest shakeout and ranking it among the largest weekend liquidation events in recent months.

• Bitcoin (BTC) accounted for the lion’s share, with $291 million in forced liquidations.
• Ether (ETH) futures followed with $68 million liquidated.
• XRP saw $17 million in liquidations.

Other tokens, including Stellar’s XLM and Pepecoin (PEPE), also saw significant liquidation spikes, signaling that the short squeeze spilled beyond the biggest cryptocurrencies.

Meanwhile, Dogecoin (DOGE), Solana’s SOL, and SUI experienced rising open interest but only minor drawdowns, suggesting solid spot-market demand and less exposure to high leverage.

Liquidations happen when leveraged traders are forced to close positions after failing to meet margin requirements. While painful for those caught on the wrong side of the trade, these events help purge excess risk from the market and often set the stage for fresh directional moves.

Bitcoin’s rally over the past week has lifted sentiment across the crypto space. Traders believe the market is evolving under the growing influence of institutional players, with many now eyeing $130,000 as the next key milestone for BTC.