Crypto short liquidations pass $3B mark as Bitcoin price nears $72K

Bitcoin (BTC) and altcoins are breaking records as short position liquidations pass $3 billion over two days.

Key points:

• Crypto short liquidations since Thursday are in excess of $3.1 billion, per CoinGlass data.
• Bitcoin continues its upside reaction to a US Treasury liquidity intervention, approaching $72,000.
• Bitcoin short-term holders take profit on previously underwater positions and move 43,300 BTC.

Two-day crypto short liquidations hit $3.1 billion

Data from CoinGlass shows ongoing crypto short liquidations at $3.1 billion for Aug. 19-20. Thursday’s tally was largest single-day wipeout of shorts ever recorded.

Crypto liquidations history (screenshot). Source: CoinGlass

On Wednesday, BTC/USD led the charge by reacting to a liquidity intervention by the US Treasury with a price spike to the highest levels seen since the start of June. At the time of writing, upside continues, with the pair reaching local highs of $71,992 on Bitstamp, per data from TradingView.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

CoinGlass shows Bitcoin accounting for just over half of the total short liquidations at $1.65 billion.

The numbers do not represent the largest crypto liquidation event if long positions are included. It is dwarfed by the $20 billion long liquidation cascade that followed Bitcoin’s reversal from the most recent all-time high of $126,200 in October 2025.