Between August 19-20, approximately $3 billion in short positions were liquidated as Bitcoin surged 8% in a single day, reaching $71,396.50. This historic move added approximately $280 billion to the total crypto market capitalization. Binance saw approximately $518 million in liquidations, closely followed by Hyperliquid at $513 million and Bybit at $303 million. The rapid unwinding of short positions and new buying drove a repricing across the entire digital asset ecosystem. This event reversed the pattern seen throughout most of 2026, which had predominantly hit long traders rather than short sellers.
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