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$1.7B in Bitcoin short positions liquidated after BTC jumps toward $70,000
About $1.5B of the liquidations happened in just the prior four hours as bitcoin spiked more than 5% in 24 hours.
Bitcoin shortsellers saw more than $1.7 billion in leveraged positions closed after BTC jumped during Wednesday trading, according to Bitcoin Magazine, citing Coinglass data. Daily liquidations of shorts surged following a green move that briefly pushed bitcoin toward the $70,000 level.
Bitcoin traded briefly as high as $69,000 before dipping, and it was most recently quoted at $68,253 after gaining more than 5% over the prior 24 hours. Bitcoin Magazine also notes that roughly $1.5 billion of the $1.7 billion in liquidations occurred in the four hours leading up to the report.
The article links the move to support from “risk-on” sentiment, including news that the U.S. Treasury planned to more than double the size of its government debt repurchases. It said the announcement, made by Treasury Secretary Scott Bessent, was intended to help tame yields that had risen to near 20-year highs.
Bitcoin Magazine further attributes potential demand to expectations of pro-crypto regulatory developments, including a planned meeting by President Trump with crypto and prediction market executives. The report also points to an SEC proposal for a framework for crypto asset offerings announced Tuesday, even as broader crypto legislation work, including a delayed crypto Clarity Act vote, remains stalled.
Latest closeBitcoin $68,253.84 ▲5.5%