Part 5/12:
The past 24 hours witnessed a staggering event: over $1 billion worth of short positions were wiped out in a sudden short squeeze, instantly wrecking thousands of traders betting against Bitcoin. The price experienced a brief dip but remained resilient at about $118,000, underscoring the strength of this rally. Platforms like Bybit revealed that nearly 93% of traders on their exchange were in shorts, many of whom lost large sums—highlighting the zero-sum nature of leverage trading.
The liquidation event caused a $600 million loss on Bitcoin shorts alone across several exchanges, marking one of the largest short liquidations in recent history.