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As Bitcoin surged 11.7% over the past 24 hours, Binance saw its largest BTC short squeeze since launching BTC futures, according to an analysis by on-chain analyst Darkfost.
Darkfost said more than $1.4 billion in short positions were liquidated across the broader crypto market yesterday, while more than $311 million in BTC short positions were wiped out on Binance in just a few hours. Darkfost added that forced buying from short liquidations amplified the rally and created a chain reaction that can trigger immediate, sharp volatility across the broader market.