Bitcoin Short Liquidations Hit $168.6M as Open Interest Jumps 5.8%
Bitcoin surged 4.9% to $80,217.8 as short liquidations accelerated across derivatives markets. The one-hour liquidation total reached $169.7M, including $168.6M in short positions, while open interest expanded to $44.3B. The imbalance shows that forced short covering, rather than a clean reduction in leverage, is powering the latest upside move.
Short squeeze dominates the tape
The liquidation pressure remained heavily concentrated on shorts through every tracked window. Four-hour liquidations totaled $170.3M, with $169.0M from shorts. Across 12 hours, short liquidations reached $237.5M, compared with only $2.5M in long liquidations. The 24-hour total rose to $249.3M, of which $243.7M came from shorts and $5.6M from longs.
The largest recorded event was an $8.5M short liquidation on Hyperliquid near $78,196.91. Another Hyperliquid short worth $5.9M was liquidated near $80,408.58, while an OKX position worth $5.5M was closed near $77,924.50. These levels now frame the immediate liquidation map around the current price.
Leverage is rebuilding into strength
Total open interest across 21 exchanges stood at $44.4B, up 5.8% over 24 hours and 2.1% over one hour. The ticker-based reading was $44.3B, with Binance at $8.7B, Gate at $5.3B and Bybit at $4.6B. Bybit open interest increased 6.7% over 24 hours, while Gate rose 7.1% and OKX added 6.7%, confirming that the move is attracting fresh derivatives exposure rather than simply clearing old positions.
Positioning is tilted long but not yet euphoric: 55.0% of tracked accounts are long, while taker positioning shows 62.6% on the long side. Funding remains mixed. The average eight-hour funding rate is -0.0028%, even as Binance shows 0.0057%, OKX 0.0067% and Bybit 0.0100%. That negative average suggests residual short demand remains in the broader market, creating fuel for further squeezes but also raising the risk of crowded follow-through.
Momentum is stretched
Bitcoin’s one-hour RSI is 85.8 and its four-hour RSI is 75.5, signaling an overextended impulse after the latest breakout. Daily RSI is more moderate at 62.0, while 24-hour volume reached $53.2B despite falling 5.6% from the prior day. The futures basis is -0.0242%, with an annualized reading of -8.8%, another sign that spot strength is not being fully confirmed by positive carry.
Verdict: The bullish squeeze remains active above $80,408.58, with $44.4B in open interest as the key leverage threshold. A break above that liquidation level could extend the move, while a drop through $78,196.91 would invalidate the immediate upside view and expose the market to a long-side unwind. Data as of 22:05 Beijing time on Sep 18, covering Binance, OKX, Bybit and other major venues.