More than $105 million in short positions were wiped out across the crypto market in a single hour, a sharp reminder that betting against volatile assets with leverage is a contact sport.
The liquidation wave hit as prices surged unexpectedly, forcing exchanges to automatically close out positions that no longer met margin requirements.
What actually happened
The $105 million short squeeze unfolded rapidly across centralized exchanges, with Bitcoin and Ethereum positions absorbing the bulk of the damage. Altcoin shorts were not spared either, as the rally rippled across the broader market and triggered forced closures on a range of tokens.
The event stands out because it specifically targeted short sellers. In many of the major liquidation episodes throughout June 2026, long positions bore the brunt of the pain. A similar event on June 2 saw nearly $1.8 billion in total liquidations, with long positions accounting for approximately 80% of the forced closures. That earlier carnage came as Bitcoin plunged toward intraday lows between $59,000 and $59,175, levels not seen since late 2024.
