Bitcoin’s latest rally pushed the world’s largest cryptocurrency above $105,000 on Monday, erasing roughly $50 million in leveraged short positions within an hour, according to data posted by CoinMarketCap. The move, which lifted Bitcoin about 3.8 percent on the day, helped drive total crypto-derivatives liquidations to nearly $195 million over a four-hour span, the bulk of them on the short side. Derivatives analytics cited by Cointelegraph indicate a far larger short overhang remains: about $11.11 billion in open bearish bets could be wiped out if Bitcoin gains another 10 percent from current levels. The prospect of a so-called short squeeze has contributed to growing volatility as traders reposition after a months-long downturn. Losses are already mounting for some high-profile bears. Blockchain sleuth Arkham reports that an account linked to Abraxas Capital is down about $30 million after entering a short at roughly $106,757 per coin. Separately, on-chain data tracked by EmberCN shows an individual trader opening $235 million of fresh Bitcoin and Ether shorts that are currently running a $2.27 million paper loss.