Bitcoin’s ever-growing prices are leaving at least one group startled by the rapid bumps: Those placing highly leveraged short futures bets aimed at profiting from potential price reversal. Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass. Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
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