Crypto Futures Wipeout: $197M Liquidated As BTC Climbs Above $76K

Forced liquidations across cryptocurrency futures markets reached $197.75M over the past 24 hours. Short positions on Bitcoin (BTC) and Ethereum (ETH) accounted for the majority of the figure.

What Happened

A short squeeze occurs when a rising asset price forces sellers to buy back positions at a loss. Automated liquidation engines on exchanges close positions when margin falls below a threshold.

Bitcoin's move above $76,000 triggered a wave of short closures. Ethereum followed a similar pattern.

The $197.75M figure covers both spot-margined and USDT-margined perpetual contracts across major venues.

The breakdown by exchange has not been confirmed from a primary source at this hour.

Also Read: One Company Now Owns 4% Of All Ethereum, Bitmine Adds 101,627 ETH In A Week

Short Squeeze Mechanics

Traders who bet against Bitcoin at lower prices faced margin calls as BTC rose. Each forced buy-back added upward price pressure. That pressure triggered further liquidations in a self-reinforcing loop.

Hyperliquid (HYPE) data visible in this hour's scan shows one whale address opened a $10M short on BRENTOIL at 20x leverage. That position is unrelated to the BTC and ETH squeeze but illustrates the scale of leveraged activity currently active across crypto derivatives markets.