Bitcoin climbed above $69,000, reaching values last seen during the market’s peak in 2021 and sparking widespread position liquidations across major cryptocurrency exchanges. Record short liq
Bitcoin climbed above $69,000, reaching values last seen during the market’s peak in 2021 and sparking widespread position liquidations across major cryptocurrency exchanges.
The surge triggered a sharp short squeeze, leading to the liquidation of nearly $2.74 billion in short positions within a single day. Total liquidations across the crypto market reached around $2.99 billion, with the vast majority occurring on short trades compared to $255.09 million for long positions.
Bitcoin accounted for approximately $1.42 billion of these liquidations, while Ethereum contributed roughly $1.13 billion. The scale of this event surpassed many previous short liquidation episodes in the sector.
Market data indicates Bitcoin short liquidations surpassed $1 billion in a day for the first time, according to Vetle Lunde, head researcher at K33 Research.
K33 Research reported that previous notable short liquidation events reached $757 million in May 2021 and $694 million in November 2025, making this week’s figure a new milestone for the market.
EventShort Liquidation AmountDateCurrent event$1.42 billion (BTC)June 2026May 2021$757 million (BTC)May 2021November 2025$694 million (BTC)November 2025The recent market rally comes just months after the severe crash on October 10, 2025, when bitcoin dropped from over $126,000 and sparked $19 billion in total crypto liquidations during one day.
Among the most significant casualties of the latest liquidation wave was a large-scale trader identified via the wallet “pension-usdt.eth.” Blockchain analytics platform Lookonchain stated that this investor’s short position of 50,000 ETH, valued at $106 million, was fully liquidated.
Lookonchain noted that the trader had previously recorded $49 million in profits and maintained a streak of 23 successive winning trades before incurring the current loss.
The wallet pension-usdt.eth realized a $23.9 million loss following the complete liquidation of the $106 million Ethereum short position, despite a strong winning record prior to the event.
Ethereum’s high trading volatility played a central role in this rapid liquidation, with the investor unable to manage the exposure during the price rally.
Mini dictionary: Lookonchain is a blockchain analytics service tracking large-scale wallet transactions, exchange activity, and smart contract movements in real time.
After rebounding from its $63,000 support zone, Bitcoin shifted its short-term market structure. Analyst “The Martini Guy” commented that the near-term trend turned positive as Bitcoin traded above several key levels, including $64,000, $65,700, and $67,200.
Bitcoin tested the $70,500 resistance before pulling back to consolidate near $68,018. It has since advanced, now trading at $71,717, and appears poised for further upside if it can surpass the $70,500 resistance.
The main support is set at $67,200. Sustaining this level would keep the short-term uptrend intact, while a drop below it could trigger renewed selling pressure and a corrective move. Price targets discussed by analysts include $71,500 and $72,000, should current resistance break.
The post Bitcoin liquidations hit $2.99 billion as BTC crosses $69,000 for first time since 2021 appeared first on COINTURK NEWS.
