Over $9.71 billion in positions were liquidated across the crypto market over the past 14 days, with 92% coming from traders betting on falling prices. On August 19-20, between $2.7 and $3 billion in short positions were wiped out in a single day, the most concentrated short liquidation event since November 2021. Bitcoin surged from around $64,100 to peaks exceeding $71,000-$72,000, levels not seen since early June. Binance, Hyperliquid and Bybit bore the brunt of the losses, with $518 million, $513 million and $303 million in short positions liquidated in a single session respectively. The self-reinforcing mechanism of margin calls triggering automatic purchases during price rises fueled a cascade of liquidations.
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