A rally led by XRP and NEAR forced $665.81 million in short-position liquidations across crypto derivatives markets in 24 hours, according to CoinGlass. Bitcoin absorbed the largest dollar amount of forced buybacks, while total trader losses, including long positions, reached $789.57 million.
XRP rallied 7.99% to $1.47 over the past 24 hours, wiping out $10.04 million in short positions as exchanges forcibly bought back the asset to cover outstanding obligations. The move formed part of a broader short squeeze that has hit a wider range of assets than in past cycles, rather than concentrating losses among the largest cryptocurrencies alone.
NEAR and Zcash join the altcoin squeeze
NEAR posted the largest percentage move in the group, surging 11.51% to $4.06 and triggering $8.88 million in short liquidations. Zcash gained 6.24% to $1,514.93, costing its short sellers $11.51 million. Combined, the large-cap altcoin group cost bears more than $30 million in a matter of hours.
Bitcoin and Ethereum shorts take the biggest hit
Bitcoin recorded the largest nominal volume of short liquidations at $384.71 million as it rose 5.73%, surpassing $85,000. The day's single largest liquidation, worth $11.29 million, happened on Binance in the BTCUSDT pair. Ethereum shorts lost $157.97 million as the asset gained 5.80%, strengthening toward $2,710.
Where bears face renewed pressure
Liquidity distribution maps now point to new critical zones for Bitcoin and Ethereum short sellers at $86,385 ($72.26 million at risk) and $2,757 ($30.31 million at risk), respectively — levels prices could reach with a move of less than 2%. For NEAR and XRP bears, the next pressure points sit at $4.28 and $1.49. The rapid decline in open interest on short positions points to local capitulation among sellers and a shift in momentum toward buyers in the spot market.
Source: U.Today
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