Roughly $110 million in short crypto positions were liquidated within ten minutes on October 2, during a sharp upward move in Bitcoin, Ethereum and the wider market. The event fits a classic short squeeze pattern, where forced buying from traders in difficulty amplifies the initial rally. No verified news catalyst was identified to explain the move, which appears to stem from crowded positioning rather than a specific headline trigger. US spot Bitcoin ETFs also recorded positive inflows on the same day, adding another dimension to this short leverage wipeout. While $110 million in shorts were cleared, traders can quickly reopen positions and a reversal remains possible if spot demand does not continue.
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