Crowded Bitcoin Shorts Leads To Largest Recorded Squeeze In History

Data shows that on Monday crowded Bitcoin shorts have lead to the largest recorded squeeze in the history of the cryptocurrency. Bitcoin Records Largest Short Squeeze Ever As per an Arcane Research report, BTC has recorded the largest squeeze in its history where $750 million worth of shorts have been liquidated. Here is a chart that shows the data for Bitcoin short liquidations over the past one year: BTC short squeeze spikes | Source: Arcane Research As is clear from the above graph, the short squeeze seen on Monday, 26 July, hasn’t been observed in the past year. In fact, it’s the largest ever in the crypto’s history, surpassing the infamous 2017 short squeeze that lead to BTC reaching its then all-time-high. Related Reading | Bitcoin Indicator Forecast Calls For $46K, New All-Time Highs Possible Before yesterday, BTC had been floating in the low $30ks for quite some while with its price seemingly being on a gradual decline. As a result, high leveraged BTC short positions had been accumulating. Due to the Amazon rumor that the ecommerce giant would start accepting cryptocurrency payments, BTC had a sudden surge in price that took it from 34.5k to 39.5k. As this rise was totally unexpected, short sellers hurried to squeeze their shorts in order to cut their loses. And this short squeeze was so large that at least $750 million shorts were liquidated. An interesting thing is that Binance, the larges...