Crypto markets swung sharply higher early on April 1, with Bitcoin climbing above $68,000 and Ether moving past $2,100. The rapid move triggered a broad wave of liquidations across derivatives markets, hitting bearish positions the hardest.
According to CoinGlass, a total of 78,151 traders were liquidated over the past 24 hours, with aggregate liquidations reaching $336.57 million. Most of the losses came from short positions caught in the sudden upside move, as prices rose too quickly for many traders to adjust margin or reduce leverage.
Short squeeze drives a sharp liquidation cascade
The first trading day of April opened with a forceful short squeeze. Once Bitcoin cleared the $68,000 level, Ether followed with its own break above $2,100, and derivatives volatility expanded almost immediately. The price move was fast. The liquidation wave was even faster.
CoinGlass data points to a market-wide event rather than isolated losses. More than 78,000 accounts were wiped out within a single 24-hour window, showing how exposed leveraged short positions can become during abrupt moves in major crypto assets.
Largest liquidation tracked on Binance ETH/USDT pair
The biggest single liquidation recorded during the period took place on Binance in the ETH/USDT trading pair, where one position was liquidated for $11.75 million. That scale highlights the risk tied to large leveraged bets when benchmark tokens move quickly in one direction.
The source report said some market observers linked the early-morning rally to portfolio repositioning by institutional money around quarter-end and the start of a new period, as well as a short-term improvement in geopolitical and macro sentiment. Those explanations remain part of market commentary. For traders, the immediate focus is whether Bitcoin can hold above $68,000 and whether profit-taking appears once the squeeze loses momentum.