Short Sellers Wiped Out as Bitcoin Rally Triggers $1.2 Billion Liquidation Wave
Bearish traders face heavy losses as political support from Washington fuels market momentum.
A massive wave of short liquidations wiped out roughly $1.21 billion in bearish crypto bets over 24 hours as Bitcoin surged 7.9% to $77,137.
On perpetual-futures venue Hyperliquid, an isolated Bitcoin short position valued at $23.59 million became the largest single loss of the session. CoinGlass data showed total derivative liquidations across all cryptocurrencies reached $1.5 billion, affecting 178,777 traders.
Bitcoin pushed to an intraday high of $79,320, extending its seven-day advance to 23.2%. The short squeeze followed an earlier rally this week that forced nearly $3 billion in short-covering, lifting Bitcoin’s market capitalization toward $1.55 trillion.
At a White House event, President Donald Trump backed the Clarity Act, legislation aimed at establishing a formal regulatory framework for crypto market structure. The endorsement added political momentum to the market rally.
Federal regulators are also exploring mechanisms to bring offshore platforms such as Hyperliquid onshore, Trump said.
Bitcoin trading volume topped $69 billion. Ethereum and Solana also posted gains across major exchanges.
