Bitcoin nears $100k for first time since February as $224 million shorts liquidated

Bitcoin surged to $99,300 in the past 24 hours, forcing widespread liquidations as short sellers absorbed losses.

Liquidation data from Coinglass shows that more than $301 million was liquidated across the market, with $224 million of that total targeting short positions. Approximately 111,000 traders were affected, with the largest single liquidation order valued at $10.59 million on Binance’s btcusdC pair.

Crypto liquidations (Source: Coinglass)

Short liquidations accounted for nearly three-quarters of the total, reflecting the velocity of Bitcoin’s ascent. Though long liquidations reached $84.79 million, the magnitude of forced short position closures pointed to aggressive positioning against the rally.

Futures open interest has remained elevated, hovering near $40 billion according to Coinglass, suggesting leverage remains embedded across derivatives markets.

The move higher occurred alongside persistent demand in spot markets. US-listed Bitcoin ETFs attracted $3.4 billion in inflows last week, adding to supportive conditions. Meanwhile, dovish signals from the Federal Reserve have softened broader macro pressures, giving Bitcoin space to move without immediate rate headwinds.

While prices remain within reach of the $100,000 milestone, the combination of aggressive liquidations and sustained open interest highlights a market still exposed to rapid directional moves.

Prior all-time highs have historically produced volatile sessions, with sharp price swings observed in breakout scenarios. Bitcoin was trading just under $99,300 at press time, less than 1% away from breaching six figures for the first time since February.

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