Bearish crypto traders absorbed $1.06 billion in short liquidations over 24 hours as the total crypto market capitalization rose 3.7%.
Liquidations across the market reached $1.24 billion. The wipeout caught 141,191 traders, while long positions gave up only $174.41 million.
Bitcoin Drove the Bulk of Short Liquidations
Bitcoin (BTC) alone drove $789.68 million of the losses after climbing 8.4% to $74,998. The cryptocurrency touched an intraday high of $75,744 early Friday, its strongest print since May 27.
That peak stopped narrowly below the True Market Mean of $75,800. Ethereum (ETH), followed by $206.88 million in liquidations, while XRP (XRP) added $41.94 million.
According to BeInCrypto Markets data, XRP led the large caps with a 16.2% daily gain to $1.26. Ethereum climbed 10.1% to $2,315, comfortably ahead of Bitcoin’s move.
The XRP price rally extends one of the token’s strongest stretches since 2020. Meanwhile, sentiment has swung from fear to greed in a matter of days. Perspective still matters.
Despite an 18.4% weekly gain, Bitcoin trades roughly 40% below its $126,080 record set on October 6, 2025. Whether spot buyers replace the liquidated shorts will decide if this holds.
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Bears Keep Paying for a Rally That Started in Washington
The latest rally traces back to the bond market. The Treasury doubled its long-end debt buybacks on August 19, raising each operation to at least $4 billion.
That initial move caught bearish traders off guard. As Bitcoin rose, short positions hit liquidation levels, forcing exchanges to buy BTC to close them. Those forced purchases pushed prices higher, triggering more liquidations and creating a self-reinforcing squeeze.
The loop has now run for three sessions. BeInCrypto reported that shorts lost $1.3 billion in 60 minutes as BTC climbed 2.5%. Yesterday, short liquidations reached $2.74 billion as 172,202 traders got wiped out.
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