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Sharp Bitcoin swings wiped out leveraged traders worth $415M

Bitcoin went through sharp price swings in a short period of time, rising from $67,500 to $71,200 and then pulling back to $70,000. Amid this volatility, the derivatives market saw mass liquidations: cumulative losses for leveraged traders amounted to approximately $415 million in just a few hours

The main blow fell on short sellers — about $280 million in liquidations against $135 million on longs, indicating a market skew toward bets on a decline. The event highlighted the high sensitivity of the crypto market to news flow and macro risks: sharp price moves continue to flush out overleveraged positions, increasing short-term instability