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Bitcoin, ether and solana rise after more than $1 billion shorts liquidated

Liquidations over two days total more than $4 billion, bringing the rally to just under $75,000 for bitcoin in Asian trading.

Reported · Written up by our desk · Market Structure

Bitcoin, ether and solana climbed as another roughly $1 billion of short positions was liquidated over 24 hours, extending a two-day squeeze that has pushed bearish bets offside. According to CoinDesk, bitcoin surged to just under $75,000 in Asian trading, up about 8% on the day after briefly topping $75,500, and up 18% for the week. CoinGlass data cited by the outlet showed about $1.0 billion of shorts liquidated in the latest session, out of $1.23 billion total across 140,416 traders, following $3 billion liquidated the previous day and bringing the two-day total to more than $4 billion.

CoinDesk said the move is mechanically driven, as short sellers were forced to cover when price action moved against their positions. It noted that each forced closure increases buying pressure, rather than reflecting traders independently deciding bitcoin is worth more.

The report also tied the rally to easing conditions in the Treasury market and supportive signals from Washington. CoinDesk added that bitcoin remains about 40% below last October’s record high above $126,000, and described other tokens moving higher with ether near $2,350, solana just under $90, and dogecoin around 8 cents.

Latest closeBitcoin $75,303.71 ▲8.7%|Solana $90.63 ▲6.2%|Dogecoin $0.083 ▲10.3%

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