Crypto Market Sees $588.8 Million Liquidations as Volatility Triggers Short Squeeze

A sweeping wave of forced liquidations—nearly $588.8 million over the past 24 hours—became the defining market event on Tuesday UTC, underscoring how quickly crowded leverage can unwind even when headline price moves look modest. Rather than a straightforward sell-off, the data points to a choppy session where sharp downdrafts and fast rebounds repeatedly punished traders positioned too aggressively on either side.