Crypto Market Sees $252M Liquidation Event Driven by Short Positions

A significant liquidation event shook the cryptocurrency market recently, with US$252 million in short positions being closed across various crypto assets. Bitcoin (BTC) and Ethereum (ETH) experienced substantial losses, totaling $52.4 million and $135 million respectively. These liquidations were primarily driven by rapid price surges that triggered margin calls for traders holding short positions.