The recent market rally caught short-sellers by surprise as Bitcoin and Ethereum saw significant gains, leading to the liquidation of 250,934 traders in just 24 hours.
Over $1.04 billion was liquidated, with the largest order coming from a Binance user for $11.97 million.
Ethereum and Bitcoin led the liquidations, with Ethereum resulting in $253 million and Bitcoin in $228 million of short-sellers' losses.
The overall crypto market capitalization surged past $3.26 trillion, marking a 31.45% increase over the last 30 days, as retail investors display FOMO and institutions like Metaplanet continue to accumulate Bitcoin.