Bitcoin pushed through $80,000, and the derivatives market paid for it. The rally triggered more than $415 million in crypto liquidations.

Short sellers absorbed most of the damage, with $330 million of that total coming from short positions. Traders who bet against the climb found out the hard way that the market had other plans.

Bitcoin climbed to approximately $80,270 at its peak. That was enough to set off a classic short squeeze across leveraged trading venues.

Short liquidations topped $329 million in a single hour during the move. Bitcoin shorts specifically accounted for about $86 million of that figure.

The rest came from bets against other crypto assets. When Bitcoin rips higher, the rest of the market tends to come along, and…