Bitcoin Hits $62,137 as Whale Accumulation of 270,000 BTC Triggers $130M Short Squeeze

BTC2.59%
On Thursday (July 1), Bitcoin reached a daily high of $62,137 after whales accumulated 270,000 BTC near $59,000, according to Coinglass data and analyst Scott Melker. The surge forced liquidations of approximately $130 million in short positions within a 24-hour window, compared with $50 million in long bets. Overall crypto derivatives markets saw over $606 million in leveraged positions wiped out, with short positions accounting for nearly $400 million. Bitcoin recovered from a year-to-date low of $57,735 reached two days prior and remained up 3% over the 24-hour period, lifting its market cap to nearly $1.24 trillion.
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