Bitcoin surged toward $70,000, triggering a massive short squeeze that wiped out nearly $2.7 billion in short positions within 24 hours. This event marks the largest wave of forced short liquidations since records began in 2021. Total crypto liquidations reached approximately $3 billion across over 170,000 traders, with shorts accounting for 92% of the losses. Bitcoin rose nearly 8%, while other major cryptocurrencies like Ethereum, Solana, and Ripple also posted significant gains.