Bitcoin rebound triggers biggest short liquidations since late April

Traders betting against bitcoin lost $504 million over 24 hours as the coin bounced from below $60,000, the most in a single day since late April, according to CoinGlass. Bets on rising prices lost $151 million, bringing total crypto liquidations to about $655 million and affecting more than 104,000 traders.

Bitcoin positions accounted for $315 million and ether for $201 million, and the largest forced closure was a $12.3 million bitcoin futures position on OKX. A liquidation is when an exchange automatically closes a leveraged bet that has moved too far against the trader.

The squeeze capped a volatile stretch for the world's largest cryptocurrency. Bitcoin fell nearly 14% last week and briefly traded below $60,000, dragged down by Strategy's first bitcoin sale since 2022, the unwind in artificial-intelligence stocks and a record run of outflows from spot bitcoin exchange-traded funds.

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