CoinMeta data: In the past 24 hours, short sellers in the cryptocurrency market lost approximately $6.66 million, with XRP and NEAR becoming the leaders in the squeeze of altcoins. According to data from the analysis platform based on CoinMeta, the sharp rise in prices triggered the liquidation of short positions totaling about $6.6581 million. Total traders, including long holders, suffered losses of $7.8957 million, affecting 117,942 market participants. The losses from this forced liquidation were mainly concentrated among altcoin sellers. The current round of liquidations affected a wide range of assets; in addition to the major cryptocurrencies, XRP, NEAR, and Zcash also joined the list of assets that were liquidated. Excessively accumulated high-leverage short positions created the conditions for a classic short squeeze. As prices reached key trigger levels, the exchanges' automated systems began to forcibly repurchase assets at market prices to cover the outstanding obligations, thereby fueling the upward momentum.