Data cited by BlockBeats from Coinglass shows that the Aug. 19 rally wiped out $2.739 billion in short positions and $248 million in longs. By total daily liquidations, the event ranks eighth in crypto history. By short liquidations alone, it ranks first.
What sets the move apart is its structure. BlockBeats said that among the 10 biggest liquidation events in crypto history — and even among the top 30 — Aug. 19 stands as the only one dominated by short liquidations. The rest were driven by market declines that forced long positions to unwind.
The report linked the surge to several overlapping developments. It pointed to the U.S. Treasury secretary pushing for expanded Treasury buybacks, which it said revived demand for Bitcoin. It also cited a wave of crypto-friendly moves from the Trump administration, including Trump meeting crypto executives at the White House on Wednesday and urging Congress to pass the Digital Asset Market Clarity Act. In addition, the Commodity Futures Trading Commission’s first Innovation Advisory Committee meeting was held on Thursday, chaired in part by CFTC Chair Michael S. Selig, with the Coinbase CEO, a Uniswap co-founder, and other crypto founders and executives in attendance.
BlockBeats reported on Aug. 21, citing Coinglass data, that the Aug. 19 price surge led to $2.739 billion in short liquidations and $248 million in long liquidations.
Measured by total liquidations in a single day, the event ranks eighth in crypto history. Measured by short liquidations alone, it stands as the largest one-day short wipeout on record.
The only short-led liquidation event in the top tier
According to BlockBeats, Aug. 19 is the only liquidation event dominated by short blowups among the 10 largest liquidation days in crypto history, and even among the top 30. The others were all driven by market declines that triggered long liquidations.
Factors cited behind the move
BlockBeats said the Aug. 19 rally was driven by several factors acting together.
- The U.S. Treasury secretary pushed for expanded Treasury buybacks, which the report said revived demand for Bitcoin.
- The Trump administration rolled out a series of crypto-friendly policy signals. That included Trump meeting several crypto industry executives at the White House on Wednesday and urging Congress to pass the Digital Asset Market Clarity Act.
- The Commodity Futures Trading Commission, or CFTC, held the first meeting of its Innovation Advisory Committee on Thursday. The meeting was chaired by CFTC Chair Michael S. Selig and others, with the Coinbase CEO, a Uniswap co-founder, and a number of crypto founders and executives attending.
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