Bitcoin Soars Past $104,000 Amid Massive Short Squeeze, Triggering $400 Million in Short Positions Liquidated in a Single Day.
Two major catalysts fueled this surge: the announcement of a Trump-UK trade deal and record flows into Bitcoin Spot ETFs.
BTC’s rise lifted the entire market, driving altcoin market capitalization up by 10% to $1.14 trillion, a peak since March.
400 million dollars of shorts liquidated and Bitcoin soars
A historic short squeeze has just rattled the market. Bitcoin surged over 3% in 24 hours, hitting a peak of over $104,000, its highest level since late January. As an immediate result, around $400 million of short positions were liquidated in just one day.
The Trump + ETFs double effect
This rapid rally was no coincidence. The announcement of a new trade agreement between the US and the UK by Donald Trump reignited risk appetite. Concurrently, Bitcoin Spot ETFs recorded cumulative flows exceeding $40 billion, an all-time high. Two catalysts that were enough to blow the roof off.
Coinglass data confirms the extent of the movement: $400 million of BTC shorts liquidated compared to only $22 million of long positions. This stark imbalance proves that leverage was heavily positioned to the downside and the upward correction caught everyone off guard.
Altcoins lurking, market on fire
The awakening of Bitcoin dragged the entire market along. The capitalization of altcoins (excluding BTC) rose by 10% to reach $1.14 trillion, an unprecedented peak since early March. The message is clear: the massive liquidations of sellers not only cleared losing positions but also freed up significant bullish space.
Ethereum is the first beneficiary of this rebound: ETH gained over 20% in 24 hours, even surpassing $2,400.
Volatile movements in leveraged markets often create a snowball effect. If the selling pressure continues to ease, nothing seems to be standing in the way of Bitcoin exploring higher highs in the days ahead.
