A fast bitcoin rebound toward $64,000 wiped out about $320 million in crypto short positions in just 15 minutes, flipping weeks of long liquidations.

Traders betting against bitcoin lost $504 million over 24 hours as it bounced from below $60,000, though a fresh Iran-Israel flare-up pulled prices back on Monday.

Bitcoin rose about 2% to near $63,000 on Monday in an oversold bounce, after a brutal week that dragged it below $60,000 and wiped roughly $390 billion off the crypto market.