Bitcoin's rise to $63,700 results in significant short liquidations

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Traders betting against bitcoin incurred losses of $504 million in just 24 hours as the cryptocurrency surged from below $60,000, although a new escalation in tensions between Iran and Israel caused prices to drop again on Monday.

By Shaurya Malwa Jun 8, 2026, 5:53 a.m. 2 min readMake preferred on

Key points:

• Bitcoin's sharp recovery from previous lows resulted in approximately $504 million in losses for short sellers in just 24 hours, marking the highest daily loss since late April.
• Overall crypto liquidations hit around $655 million, impacting over 104,000 traders, with bitcoin and ether positions making up the majority of the forced closures.
• After peaking near $63,800 over the weekend and reaching $63,700 on Monday, bitcoin retreated to approximately $62,900 amid renewed Middle East tensions and the anticipation of crucial U.S. inflation data and significant IPOs.

Bitcoin's resurgence from last week's lows has severely impacted traders who had taken short positions against it.

Short sellers, who benefit from price declines, faced losses amounting to $504 million over the 24 hours leading to Monday morning, the largest single-day loss since late April, as reported by CoinGlass. In contrast, those betting on price increases lost only $151 million.

Total liquidations across the cryptocurrency market reached around $655 million, affecting more than 104,000 traders. Bitcoin positions accounted for $315 million of this total, while ether positions contributed $201 million. The largest single forced liquidation occurred with a bitcoin futures position worth $12.3 million on the OKX exchange.

A liquidation happens when an exchange automatically closes a leveraged position that has moved too far against the trader's favor.

This squeeze caps off a tumultuous period for bitcoin, the leading cryptocurrency. Last week, it fell nearly 14% and dipped below $60,000, driven down by Strategy's first bitcoin sale since 2022, a downturn in AI stocks, and record outflows from spot bitcoin exchange-traded funds.

Many traders placed short bets near the lows, only to be caught off guard when bitcoin surged to a high near $63,800 on Sunday, according to data from CoinDesk.

The momentum waned on Monday. Renewed military conflicts between Iran and Israel caused oil prices to rise more than 3%, while Asian stock markets plummeted, with South Korea's KOSPI index dropping nearly 7%. Former President Donald Trump urged Israel to exercise restraint. Bitcoin fell back to around $62,900, still above last week’s low point.

Bitcoin reached a maximum of $63,700 on Monday morning before pulling back, as per CoinDesk data, with volatility expected to remain high leading up to U.S. inflation reports and a series of major IPOs, including SpaceX.