Short Liquidations Exceed $2.7B in 24 Hours, Largest Squeeze in Two Years

The scale of this squeeze matters less for the headline number than for what it reveals about positioning: a market that was visibly leaning short into a sharp move, with leverage stacked on one side. That kind of crowding tends to unwind violently rather than gradually, and it often leaves behind a different set of participants than it found. Whether the forced buying that drove this is exhausted, or merely the first leg, is the open question, and it will show up in how leverage rebuilds from here.