Bitcoin Climbs Higher as $1.2 Billion in Shorts Liquidated
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- Bitcoin climbed 7.9% over 24 hours to around $77,137, touching an intraday high of $79,320 and capping a 23.2% weekly gain, per CoinGecko data.
- The rally triggered a short squeeze that liquidated roughly $1.21 billion in short positions out of about $1.5 billion in total crypto liquidations across 178,777 traders over 24 hours, per CoinGlass.
- The largest single liquidation was a $23.59 million BTC short position wiped out on Hyperliquid, while Bitcoin alone drove $17.25 million in liquidations on the one-hour heatmap.
- President Trump backed the crypto market-structure Clarity Act at a White House gathering and signaled regulators were working to bring offshore exchange Hyperliquid onshore, remarks that helped juice market sentiment.
- Analysts remain divided on whether the momentum can hold, with Bitcoin still down roughly 31.8% from a year ago even after the 23.2% weekly surge; the latest move followed an earlier-week run that torched some $3 billion in shorts.
- Ethereum, Solana and other major tokens climbed alongside Bitcoin, which carried a market capitalization near $1.55 trillion and 24-hour trading volume topping $69 billion.
Why it matters: Bearish crypto traders lost over a billion dollars in a single day as the short squeeze mechanics — forced buying of shorts — amplified Bitcoin's rally. With Trump's White House backing the Clarity Act and pushing Hyperliquid onshore, the policy tailwind directly fueled a 7.9% daily move that left 178,777 traders liquidated.
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