On December 17, Bitcoin experienced two hours of intense fluctuations, with price swings of approximately $3000. In the first 30 minutes, the price surged by about $3300, triggering a short squeeze, with approximately $106 million in short positions being liquidated. Subsequently, in the following 45 minutes, the price quickly reversed, dropping by $3400, leading to a long squeeze, with around $52 million in long positions being liquidated. Analysts noted that this volatility coincided with the opening time of the US stock market and emphasized that the total liquidation amount in cryptocurrencies exceeded $340 million within 12 hours.