Bears betting against Internet Computer Protocol (ICP) have taken another blow, with nearly $2.93 billion in leveraged short positions liquidated as the token surged past the $6.19 mark. This followed a similar shakeout at $5.48, which flushed out almost $7 billion from overleveraged shorters. The bulls have capitalised on these moments, turning cascading liquidations into buying pressure, fuelling further upward momentum.
Fabio, a well-known YouTuber and specialist in prevention of market manipulation, risk management, and regulatory issues in financial markets, was one of the first to highlight what was about to unfold. “The $ICP Bears keep getting liquidated❌ Next level: $6.19 = $2.93B in liquidation Leverage💰 Last time, the Bears had almost $7B at $5.48💀 The bulls grabbed the liquidity and now the price is moving much higher (Shorts need to re-buy ICP creating buying pressure)📈,” he posted, giving followers a heads-up on where things were heading. Though he always reminds viewers he’s not a financial adviser—“Always DYOR!”—his reads on leverage trends have repeatedly held up.
For traders paying attention to open interest and liquidity maps, Fabio’s update rang true. Once the $6.19 zone broke, the short squeeze kicked in. Those holding short positions were forced to re-enter the market, this time as buyers, in a scramble to limit damage. That urgency added further pressure to the upside, repeating a now-familiar cycle in the ICP chart. This is not simply price climbing on sentiment—it’s a mechanic of liquidation-driven rallies, with forced exits creating their own wave of momentum.
The previous squeeze at $5.48 had already shown just how exposed some traders were. Nearly $7 billion vanished in liquidations during that move, and that wasn’t just isolated panic. It was the fallout of overly confident leverage. When everyone lines up on one side of the trade, it doesn’t take much of a shift to knock the first domino over—and from there, the chain reaction takes care of the rest.
These events show how liquidity, rather than news or macro conditions, is often the real mover in short-term markets. Once price levels overlap with huge piles of open interest, the stakes rise. A single breakout isn’t just a signal—it’s a trigger. ICP has now become a favourite among those looking to play these high-risk, high-impact moves, whether they’re chasing squeezes or fading hype.
Fabio’s commentary consistently centres on market health, manipulation prevention, and risk awareness. His growing following respects not just his chart calls, but his insistence that traders understand what they’re getting into. The phrase “I am not a FA. Always DYOR!” caps off most of his posts—not as a throwaway disclaimer, but as a reminder that leverage and hype can burn just as fast as they excite.
ICP’s rising price is now tied to these repeated squeeze cycles. When shorts build up too high, they become vulnerable. When the floor drops—through price action, whale movement, or a well-timed push—the liquidations begin. Those liquidations don’t just clear positions. They create new momentum, new buyers, and further disruption. It’s a feedback loop, and ICP traders are learning how to surf it.
This cycle is increasingly familiar in crypto. Altcoins with strong community support, thin books at certain levels, and public liquidation data are ripe for this kind of action. They become battlegrounds, not just between bulls and bears, but between conviction and greed. If too many traders believe they’ve found the ceiling, and they load up on shorts with leverage, they create a target. ICP has now worn that target twice.
Beyond the pure technical mechanics, there’s been a shift in tone among some market participants. ICP was once brushed aside by many as a hype coin or a legacy from a different bull cycle. But its recent moves have put it back in rotation—not necessarily because of fundamentals, but because of what it offers traders: volatility, liquidity, and the potential to catch others off guard. That alone is enough to bring in waves of speculators.
It’s not without risk. The higher the price goes, the more people feel emboldened to short it again. But the lessons from $5.48 and now $6.19 suggest that too much confidence on the short side can be expensive. There are still billions in open interest, and as the market eyes $6.50 and $7.00, the next round of liquidations could be building already. Whether that becomes another wave up depends on how much dry powder bears are still holding—and how fast bulls want to push.
Fabio’s analysis helps track those pressure points. His posts focus less on price prediction and more on market structure, leverage build-up, and potential risk zones. That’s why they tend to resonate—not because they promise a direction, but because they offer insight into what could happen if certain levels are breached. He doesn’t sell hype. He flags conditions.
As the ICP story continues, the focus stays on those conditions. The asset’s fundamentals may get their moment eventually, but right now, this is about positioning, momentum, and managing exposure. Traders who learn from the $5.48 and $6.19 events may be more cautious with leverage. Or they may look for the next zone where pressure can be exploited. Either way, Fabio’s advice will likely be the same: understand the risks, don’t follow blindly, and do your own research.
The ICP chart may be reflecting excitement, but the liquidations are telling the real story. A cascade at $6.19 has confirmed that leveraged shorts are still a vulnerable part of the ecosystem. And as long as those positions pile up without proper protection, the market will keep finding ways to unwind them.
For now, the bulls are using every squeeze to their advantage. The shorts? They’re running out of space—and excuses.
