Bitcoin's surge to $96,000 triggered a major liquidation wave—roughly $660 million in short positions got wiped out over the last 24 hours. The action reflects how quick the market moved and how much heat traders were taking on overleveraged bets. When BTC jumps like this, anyone holding shorts without proper risk management gets caught. The volatility spike is a reminder that derivative markets can flip fast, especially when bullish momentum builds. Liquidations this size typically fuel more buying pressure, creating a feedback loop that keeps pushing prices higher.