Key Summary

Roughly $8.58 million in leveraged crypto positions were liquidated over the past four hours, with shorts accounting for $5.67 million (66.08%) versus $2.91 million in longs, per Coinglass data. The short-heavy liquidation mix signals a squeeze on bearish bets during the recent bounce, a flow dynamic that can mechanically extend upside in BTC and high-beta altcoins as forced short covering adds buy pressure. Binance led with $4.27 million liquidated (49.79% of the total); watch whether funding rates and open interest rebuild on the short side, which would set up further squeeze fuel, or flip long, which would raise downside liquidation risk.