Woofun AI data shows that short positions in the crypto market incurred $1.06 billion in losses over the past 24 hours, resulting in $124 million in total liquidations affecting 141,000 traders. Bitcoin led the price recovery, rising 8.4% to $74,998 and accounting for $790 million of the short losses. Ethereum climbed 10.1% to $2,315, while XRP surged 16.2% to $1.26. This short squeeze was triggered by the Treasury's increased buybacks of long-term debt on August 19, which caused a wave of panic selling over three consecutive days.