The ongoing Bitcoin (BTC) bull run is leaving short traders reeling. The cryptocurrency surged past $89,000, gaining over 10% in just 24 hours. With the Fear and Greed Index showing “Extreme Greed,” market sentiment has reached new highs, making $90,000 seem like an inevitable milestone.
The global crypto market cap has jumped 9.6% to hit $3 trillion, with Bitcoin dominance nearing 59% and major altcoins like Dogecoin (DOGE) and Ethereum (ETH) showing impressive gains.
Bitcoin rally crushes short positions
Data from CoinGlass reveals that over 173,000 traders were liquidated in the past 24 hours, resulting in $700 million in total losses. The largest single liquidation order occurred on Binance with a BTC/USDT trade valued at $15.70 million. Of the total liquidations, $431 million—or 62% were short positions, reflecting traders’ expectations of a market correction following Bitcoin’s rapid ascent.
Source: CoinGlass
Bitcoin futures alone accounted for over $200 million in short liquidations, while Ether futures saw $40 million wiped out. This marks the highest losses for short traders since Bitcoin’s April rally, which has been above $73,000. Bitcoin has surged 43% in the last 30 days and is trading at an average price of $89,149. Its 24-hour trading volume has risen by 80% to $138.51 billion, with the market capitalization now closing in on $1.8 trillion.
Dogecoin’s explosive surge
Dogecoin (DOGE) has been one of the standout performers, skyrocketing by 48% in the last 24 hours and gaining 150% over the past week. DOGE hit $0.412, marking its highest level since May 2021, reaching a record high of over $0.70. Over the past 30 days, Dogecoin has nearly tripled in value, fueled by renewed market enthusiasm and speculation about a $1 price target.
Dogecoin futures markets have also seen significant activity, with $68 million in liquidations. Open interest in DOGE’s futures is nearing the record levels set in April. Speculation has been further driven by Elon Musk’s promotion of a “Department of Government Efficiency (D.O.G.E),” which has reignited interest in the token among retail investors and the media.
Market Overview
The crypto market has seen a significant boost, with its 24-hour trading volume up 42% to $314 billion. While Bitcoin leads the rally, altcoins like Ethereum and Dogecoin perform remarkably. Ethereum has gained 38% in the past week, further solidifying its position as the second-largest cryptocurrency. With Bitcoin pushing toward $90,000 and altcoins surging, market momentum favors bulls, leaving short traders to absorb heavy losses.