Crypto shorts liquidated as Bitcoin, ETH rally

Bitcoin and Ethereum soared, triggering up to $350M in liquidations—mainly from shorts. Crypto market cap hit $2.6T, reflecting renewed optimism and increased volatility.

Bitcoin surged past $74,000, reaching its highest level in six weeks, while Ethereum climbed to nearly $2,300. Other major altcoins also recorded notable gains, contributing to a broad market rally. This rapid price movement led to significant liquidations in the derivatives market, with estimates ranging from $122 million to $350 million over 24 hours. The majority of these liquidations were from short positions, with ETH shorts making up the largest portion, followed by BTC shorts. As a result, the total crypto market capitalization rose to approximately $2.6 trillion, signaling renewed optimism and risk appetite among investors. The forced closure of leveraged shorts added further buying pressure, underscoring the sector's volatility and the impact of technical factors during sharp price moves.