More than $1.9 billion in crypto positions were liquidated across the session, with roughly $1.74 billion of that sitting on the short side, turning what began as a yield-driven bid into a forced-buying cascade. Ethereum jumped 17.48% to $2,251, outrunning Bitcoin as the more crowded short book unwound. The setup had been telegraphed for weeks, since crowded long positioning had flipped bearish through August and left an unusually large pile of shorts to squeeze.