Crypto short sellers wiped out $2.74B in a day as Bitcoin nears $70,000

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Traders who had bet against cryptocurrency markets suffered record losses of $2.74 billion in a single day. The liquidations were triggered by a sharp surge in Bitcoin's price as it pushed toward the $70,000 level. The wipeout surpassed the previous record set during the short side of the October 2025 market crash. This makes it the largest single-day short liquidation event in crypto market history. The scale of the losses underscores how quickly leveraged bearish positions can unravel during sudden upward price moves.

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