The cryptocurrency derivatives market has experienced a significant number of liquidations following a flash crash in Bitcoin's value. In the past 24 hours, Bitcoin's price has fluctuated between $103,500 and $90,500, with the latter drop being particularly sharp. Despite a quick recovery, Bitcoin is stll trading around 5% lower than its peak. Other top digital assets, such as Ethereum and Solana, have also seen bearish price action, but have proven more resilient. Data from CoinGlass shows that cryptocurrency derivatives positions worth $893 million have been liquidated in the last 24 hours, with long contracts accounting for 82% of these. This mass liquidation event, known as a "squeeze", is likely a result of the bearish action