Bitcoin and Ether Surge Triggers Over $500 Million in Short Liquidations
In the past 24 hours, futures bets against rising crypto prices resulted in losses exceeding $500 million due to a price surge linked to potential U.S.-China tariff reductions.
Key market movements include:
- Bitcoin (BTC) increased from $88,000 to over $93,500
- Ether (ETH), Cardano’s ADA, and Dogecoin (DOGE) rose by 14%
- Solana (SOL) and XRP gained 7%
- Sui Network’s SUI, UniSwap’s UNI, and Near Protocol saw gains of up to 18%
- Memecoin mog (MOG) surged by 30%
Approximately $530 million in short positions were liquidated, with major losses on:
- Bybit: $234 million
- Binance: $100 million
- Gate: nearly $70 million
The largest single liquidation was an ETH futures position exceeding $4.5 million on Binance. Liquidations occur when traders cannot meet margin requirements for leveraged positions.
This market uptick coincided with comments from Trump about reducing tariffs if a trade deal is reached with China, easing fears of an escalating trade war. Jeff Mei, COO at BTSE, indicated that expectations of rate cuts and a weakening U.S. dollar could favor Bitcoin as a store of value.