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Over $487 million in short positions got wiped out across the crypto market in just 12 hours. Bitcoin and Ethereum traders caught on the wrong side of the move, with liquidation cascades triggering sell-offs that amplified the market swings. These kinds of flush-outs tend to happen when leverage gets too crowded in one direction—the chain reaction can be brutal for overleveraged positions. Worth watching how this shapes up as volatility continues.