Bitcoin recovered rapidly from last week’s lows, leaving traders who held bearish positions with a heavy bill. Over the past 24 hours, total liquidations in the crypto market reached $628 million, with short sellers taking the biggest hit.
According to CoinGlass data, 24-hour liquidations climbed to $628,228,992. Of this amount, $467,178,624 came from short positions, while $161,050,368 came from long positions. In other words, roughly $3 out of every $4 liquidated in the market came from traders betting that prices would fall rather than rise.
Short pressure was clear across all time frames
The short-heavy liquidation trend was not limited to the 24-hour window. In the past 12 hours, total liquidations reached $465,558,784; $372,190,304 of this came from short positions. In this 12-hour period, short dominance rose to 79.94%, showing that the pressure in the market was heavily one-sided.
The picture was similar across shorter time frames. In the past 4 hours, $41,182,392 in positions were liquidated; $8,550,451 came from long positions, while $32,631,944 came from shorts. In the past 1 hour, liquidations totaled $4,292,815: $872,547 on the long side and $3,420,268 on the short side.
When viewed through the 12-hour liquidation filter, total liquidations stood at $463,325,632. Of this, $91,495,688 came from long positions and $371,829,920 from shorts. Short dominance reached 80.25% in this window.
What happened?
Bitcoin fell by roughly 14% last week and briefly tested levels below $60,000. Several factors weighed on the market at the same time: Strategy selling Bitcoin for the first time since 2022, a sharp correction in AI stocks, and record outflows from spot Bitcoin ETFs.
Many traders assumed the decline would continue and opened short positions near the bottom. They were wrong. Bitcoin climbed as high as $63,800 over the weekend; this sudden reversal triggered automatic liquidations among traders carrying leveraged short positions. A single Bitcoin futures position on OKX, worth $12.3 million, became the largest individual liquidation of this process.
Total liquidations approached $655 million, affecting more than 104,000 traders. Bitcoin positions led with $315 million in liquidations, followed by ETH positions at $201 million.
Recovery loses momentum
After rising to $63,700 on Monday morning, Bitcoin pulled back again. Renewed tensions between Iran and Israel pushed oil prices up by more than 3% and rattled Asian stock markets; South Korea’s KOSPI index fell by nearly 7% in a single day. Against this backdrop, Bitcoin slipped to around $62,900. This is still well above last week’s lowest point, but the market does not yet appear to be standing on firm ground.
In the coming days, the release of U.S. inflation data and the possibility of several major IPOs, including SpaceX, remain among the variables that could keep price action volatile.
