Bitcoin (CRYPTO: BTC) surged 6% to $68,000 on Wednesday, triggering the largest single-day short liquidation event in Bitcoin’s history after the U.S. Treasury doubled its long-term bond buyback operations.
What Actually Happened
The Kobeissi Letter posted on X that traders liquidated $1.2 billion in Bitcoin short positions within just 60 minutes as BTC surged above $68,000.
Crypto analyst Byzantine General independently confirmed with multiple sources that Bitcoin recorded its largest-ever single-day short liquidation event. “It cannot be understated how insane this is,” he wrote on X.
What Triggered the Move?
