A cryptocurrency market crash caused $430 billion in losses for cryptocurrencies and $2 billion in liquidations for traders this weekend. Facing the fear, uncertainty, and doubt of Iran-Israel’s conflict escalation, increased short positions threaten a short squeeze for leading assets.
Notably, the crash liquidated over 500,000 cryptocurrency traders during the weekend, most of whom had bullish long positions. As the panic dominated within geopolitical tensions and the Iranian offensive, derivatives pivoted to a bearish state.
In particular, Bitcoin (BTC) and Solana (SOL) saw 41% and 60% of derivatives volume increase in the last 24 hours. The two cryptocurrencies have an open interest of $32.41 billion and $1.98 billion, respectively. Finbold retrieved this data from CoinGlass data on April 14.
Furthermore, both have accumulated significant liquidity pools from short-sellers’ liquidation prices. These pools make appealing targets for market makers and professional tra
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