Crypto Futures Liquidations Top $2.9B as Shorts Bear Brunt of Trump-Driven Rally

BitcoinWorld Crypto Futures Liquidations Top $2.9B as Shorts Bear Brunt of Trump-Driven Rally The cryptocurrency market witnessed a significant liquidation event over the past 24 hours, with nearly $2.9 billion in futures positions wiped out, according to data from CoinGlass.

The overwhelming majority of these forced liquidations—approximately $2.66 billion—came from short positions, as prices surged unexpectedly following comments from U.S. President Donald Trump hinting at potential government crypto purchases.

Market-Wide Rally Triggers Historic Short Squeeze The sharp upward movement caught many traders off guard, particularly those holding bearish positions. Bitcoin led the charge, climbing roughly 7.5% in the session, while Ethereum posted a more dramatic gain of about 18.4%.

Other major cryptocurrencies followed suit, with Solana rising 11.8% and HYPE advancing approximately 21%. This broad-based rally forced a cascade of short liquidations, amplifying the upward momentum.