The crypto derivatives market has been rocked by an unprecedented wave of short position liquidations, marking one of the most significant in recent months. According to CoinGlass data, a rapid surge in market prices led to the closure of $665.81 million in short positions over the past 24 hours. When considering long positions as well, the total daily losses amounted to a staggering $789.57 million, impacting nearly 118,000 traders.