Bitcoin and Ethereum rallies spur market liquidations of more than $1 billion

Bitcoin and Ethereum recorded significant price gains in the past 24 hours, triggering a cascade of liquidations that cleared over $1 billion from the market.

According to CryptoSlate’s data, Bitcoin reclaimed a key milestone, surpassing $100,000 for the first time since early February. The asset briefly touched a high of $104,000 before retreating slightly to around $103,000 at the time of writing. This marks one of its strongest performances in recent months and reflects renewed investor momentum.

Blockchain analytics firm Santiment observed increased network activity during the price spike, with over 344,000 new Bitcoin wallets created. The surge in new users signals growing interest, likely driven by FOMO as Bitcoin reasserts market dominance.

Meanwhile, Ethereum followed with a sharp 25% gain, climbing to $2,486. This marks its highest level since March and indicates a strong market-wide recovery across top-tier assets.

The sudden upswing triggered widespread liquidations, primarily from traders betting against the market.

CoinGlass data revealed that short positions accounted for over 80% of total liquidations, amounting to more than $800 million. Meanwhile, long positions made up $272 million in losses.

Ethereum saw the highest liquidations overall, with $307 million from shorts and $122 million from longs. Bitcoin followed closely, with $332 million in long and $31 million in short liquidations.

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