BTC shorted $2.7 billion, creating the biggest wave of liquidations since 2021

According to Woofun AI, the price of Bitcoin soared to nearly $70,000, triggering the largest wave of forced liquidation since 2021. Shorters lost nearly 2.7 billion US dollars within 24 hours.

CoinGlass statistics show that a total of 172,108 traders have been liquidated, with a total amount of nearly $3 billion. Among them, short positions were liquidated for 92%, and long positions were only 257 million US dollars, a ratio of over 10 to 1.

This data is based on October 10, 2025, when Bitcoin plummeted after a record high of more than $126,000, and $19 billion was liquidated in a single day, making it the biggest deleveraging event in cryptocurrency history, of which $2.47 billion was liquidated by shorting. The scale of shorting and closing positions this Wednesday has exceeded that day, but losses from going long have not reached the same level.

According to data compiled by WooFunai, when the Asian market opened on Thursday, Bitcoin was slightly above $69,100, up close to 8% in 24 hours, hitting a high of nearly $69,900, fluctuating more than $5,700 from Wednesday's lowest price of about $64,100, a level not seen since the beginning of June. Over 1 billion US dollars of Bitcoin short positions were closed within 1 hour, reaching 1.42 billion US dollars throughout the day. Ethereum closed $1.13 billion and Solana's $104.67 billion. The Hyperliquid platform saw a single Bitcoin transaction of $48.8 million, the largest.

The key to the future market is whether it can stay above $69,000 during the Asian and European trading sessions. Large-scale price squeezing forces shorters to exit, eliminating upward momentum; positions established by forced purchases are not supported by real demand, and the risk of a pullback is significant. This is a typical example of an extreme reversal in market sentiment following the peak of the bull market in 2021.