Over the past 24 hours, the cryptocurrency market has experienced extensive liquidations exceeding $600 million, driven primarily by Bitcoin's price surge from $88,000 to over $93,500. Bitcoin short positions alone accounted for more than $255 million to $280 million in liquidations, indicating a potential short squeeze and a shift toward bullish momentum. The total liquidations across all cryptocurrencies reached approximately $623.78 million, affecting over 165,000 traders. Centralized exchanges led the liquidations, with Bybit recording the highest at $234 million, followed by Binance at $100 million and Gate at $70 million. The largest individual liquidation was a $4.33 million Ethereum trade on Binance, surpassing a previous $2.65 million Ethereum liquidation on Bybit. This surge in liquidations marks the most substantial wipeout since October, reflecting heightened volatility and significant market adjustments.