Over $680 million in crypto positions were liquidated in 24 hours, primarily affecting short traders as Bitcoin broke above $121,000. $426 million came from bearish bets, with the largest single order being a $92.5 million BTC short on HTX. Other tokens like ETH and XRP also experienced forced closures.

Dogecoin, Solana’s SOL, and SUI saw rising open interest with smaller drawdowns. Liquidations, a result of traders using leverage, indicate excessive positioning, but also act as a reset mechanism for markets. Bitcoin’s recent rally has influenced major crypto assets, with eyes on reaching $130,000 in the short term.

Read more at Yahoo Finance: Bearish Bitcoin Trader Loses $92M as Surge Wipes Out $426M in Short Liquidations