Bitcoin Surges to $93K, Triggers $600M in Liquidations
1min read Bitcoin surged to over $93,000 on Monday, reversing recent losses and triggering a wave of liquidations among bearish traders. The rally, which occurred after U.S. President Donald Trump announced a strategic reserve for several major tokens, resulted in nearly $600 million in losses for bearish bets on major tokens.
Sunday's trading was marked by relatively lower liquidity, leading to unusually high price jumps. Cardano's ADA was up 60% in the past 24 hours, with XRP and Solana's sol up 25% and 9%, respectively. Bitcoin (BTC) also saw a significant increase, rising by 9%.
BTC-tracked futures took on over $344 million in losses across longs and shorts, leading the market in liquidations. ETH-tracked futures registered over $170 million in liquidations. Futures tracking ADA, XRP, and SOL registered over $70 million in liquidations each, their highest such levels since September 2024.
Liquidations occur when an exchange forcefully closes a trader's leveraged position due to a partial or total loss of the trader's initial margin. Unusually high liquidations can be used in confluence with other market indicators in trading strategies, indicating that assets may be overbought and ripe for a reversal or profit-taking.
Open interest, or the amount of unsettled futures bets, has risen as much as 40% higher for XRP, ADA, and SOL as traders expect volatility to continue. Bitcoin (BTC) zoomed to over $93,000 in early Asian hours Monday, reversing a chunk of losses from last week when it dropped to as low as $83,500 on macroeconomic headwinds such as U.S. tariffs and strength in haven assets yen and gold.
Some expected the largest cryptocurrency to fall to the mid-$70,000 price levels, with a bump in short trades and open interest with a bias to the downside. However, Trump's comments have brought back bullish expectations, at least in the short-term, though traders remain cautious of a continual rally until the reverse plans are more concrete. As such, BTC plays to the $100,000 level are back in demand.
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