Bitcoin surged to $99,300 in the last 24 hours, triggering significant liquidations across the cryptocurrency market. According to Coinglass, over $301 million in liquidations occurred, with $224 million targeting short positions. Approximately 111,000 traders were affected, and the largest single liquidation—a $10.59 million order—took place on Binance's BTCUSDC pair.
This wave of forced closures illustrates the aggressive negative positioning against Bitcoin's rally. Although long liquidations also reached $84.79 million, the overwhelming majority were short liquidations, indicating rapid price movement. Futures open interest remains high near $40 billion, showing continuing leverage within the derivatives market.
The price increase was supported by ongoing spot demand. Notably, US-listed Bitcoin ETFs drew $3.4 billion in inflows last week, and dovish signals from the Federal Reserve reduced broader macroeconomic pressures. As Bitcoin traded just below $99,300 at press time, it was within 1% of its six-figure milestone, pointing to a market ready for high volatility and possible sharp swings near previous all-time highs.
