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—though it remained roughly 31.8% below its year-ago price.
- CoinGlass data showed about $1.5 billion in total crypto liquidations across 178,777 traders in 24 hours, with short positions accounting for roughly $1.21 billion of that sum in a textbook short squeeze.
- The single largest liquidation order in the past day was a $23.59 million Bitcoin short wiped out on Hyperliquid, while Bitcoin alone drove about $17.25 million in liquidations on the one-hour heatmap.
- Earlier in the week, a separate Bitcoin surge toward recent highs torched roughly $3 billion in shorts, leaving analysts divided on whether the momentum can hold.
- President Donald Trump backed the crypto market-structure Clarity Act at a White House gathering and signaled regulators were working to bring offshore perpetual-futures exchange Hyperliquid onshore, remarks that helped juice sentiment across the market.
- Ethereum and Solana rose alongside Bitcoin, whose market capitalization stood near $1.55 trillion and 24-hour trading volume topped $69 billion.
Why it matters: Roughly 178,777 leveraged traders were caught on the wrong side of the move, with one $23.59 million Bitcoin short on Hyperliquid alone wiped out. The rally marks a sharp rebound after a bruising stretch, but at 31.8% below its year-ago level, the squeeze reflects renewed bullish positioning rather than a full recovery in price.
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