BTC Rally Wipes $635M In Shorts Across Major Platforms

Bitcoin flirts with the heights and shakes the market. By crossing $94,000, the crypto triggered a series of liquidations worth hundreds of millions of dollars, shaking bearish positions. In an environment full of macroeconomic uncertainties, this surge fuels speculation about a rise towards $100,000. The euphoria of bullish investors clashes with the nervousness of short sellers, in a market where every movement seems driven by fear, tension… and instinct.

Cascade of liquidations amid Bitcoin rally

In just 24 hours, the market saw over $635 million of liquidated positions, with an overwhelming majority, over $560 million, concerning short bets. Bitcoin was at the heart of this dynamic, as the asset reached $94,166, up 6.29 % on the day.

CoinGlass indicates in its data :

These liquidations suggest considerable pressure on bearish traders.

Binance was the most affected platform, with $18.7 million in liquidations in four hours, 78 % of which were short positions.

This movement was accompanied by tension across major cryptos, with a sharp liquidity transfer toward long positions. The most significant details to remember are :

• Bitcoin (BTC) : $293 million in short positions liquidated, a rise of 6.29 %, crossing the $94,000 threshold ;
• Ether (ETH) : over $109 million in short positions liquidated, a 10 % gain, with the price at $1,787 ;
• Concentration of liquidations : Also on Bybit and OKX, indicating widespread volatility across the crypto market.

This context reflects increased fragility of leveraged positions, where price fluctuations trigger chain reactions, intensified by exchanges’ automatic liquidation mechanisms.

Speculations around a surge to $100,000

The current momentum goes beyond a simple price increase. For several analysts, it could signal a “short squeeze” phase, a phenomenon where short sellers are forced to buy back their positions at a loss, contributing to a faster price rise.

This is precisely what Mister Crypto, an analyst followed by the community, points out on April 23, 2025, on the social network X (formerly Twitter) : a significant liquidity accumulation “just below $100,000”. For him, if these levels are reached, “it could trigger a wave of panic buying”.

This view is not unanimously shared. Vincent Liu, Chief Investment Officer at Kronos Research, tempers expectations. According to him, “a move towards $100,000 is not yet validated by fundamentals”.

He highlights the role of Federal Reserve monetary policies and uncertainties linked to Sino-American trade negotiations. This cautionary reminder reflects the current market ambiguity, between a strong emotional component and still unstable economic determinants.

The implications of this context are multiple. A breakthrough of BTC toward $100,000 could be a pivotal moment for both retail investors and institutions. It would also redefine short-term support and resistance zones to test the resilience of platforms against rising volatility. It remains to be seen whether this surge is the result of a fundamental structural movement or the temporary peak of speculative fever.