According to glassnode, Bitcoin (BTC) futures short liquidations surged to $5.74 million yesterday, significantly above the 24-hour simple moving average (SMA) of $768,252.14. This sharp increase in short liquidations signals aggressive short covering and heightened volatility in the BTC derivatives market, which may lead to upward price momentum as traders exit bearish positions. Active traders should monitor these liquidation levels closely, as rapid short squeezes can introduce sudden price spikes and create new trading opportunities in the broader cryptocurrency market (source: glassnode, June 10, 2025).