Data: $222M in Short Liquidations in Past Hour

A single-hour liquidation burst of this size signals that leveraged short positioning had built up enough to be caught offside by a fast move, rather than reflecting fresh conviction from spot buyers. The forced buying that liquidations generate can exaggerate the move itself, so the durability of any rally depends on whether organic demand follows once the squeeze exhausts. Whether volatility persists or fades as positions are flushed is the open question.