The sudden and substantial increase in the prices of Bitcoin and other major cryptocurrencies has led to liquidations totaling nearly $400 million for leveraged traders in the past 24 hours. The majority of these liquidations were shorts, as the crypto market caught many traders by surprise with its unexpected upward momentum. CoinGlass data reveals that Bitcoin shorts accounted for $177.15 million of the liquidations, while Ethereum shorts experienced $42.23 million worth of positions being liquidated. Throughout the entire crypto market, 94,168 traders faced liquidation, with the largest single BTC liquidation order valued at $9.98 million on the BTCUSDT trading pair. Notably, the total liquidations for short positions across cryptocurrencies reached $295.82 million, indicating that most of the liquidated positions were expecting further price declines. This wave of liquidations occurred as Bitcoin surpassed $34,900 for the first time since May 2022, registering a more than 10% increase in the last 24 hours. Other major altcoins like Ether and Chainlink also witnessed significant gains. The market rebound has placed notable short sellers, including the Former Frog Nation CFO named 0xSifu, in a precarious position. 0xSifu presently holds over $21 million worth of ETH shorts on Synthetix, with an average position price of $1,643. If the price of ETH continues to rise to $1,926, there is a risk of his position being liquidated.