 ▲ Bitcoin (BTC) |
As Bitcoin (BTC) approached the $69,000 level, a wave of short liquidations wiped out more than $400 million in positions within a single day.
According to crypto outlet Decrypt on February 25 (local time), Bitcoin rebounded to as high as $69,869, reclaiming the $69,000 level for the first time in a week. Compared with the previous day when it had fallen below $63,000, the daily gain exceeded 7%. However, over the past 30 days, it remains down more than 21%.
Altcoins also posted sharp gains. Ethereum (ETH) rose 12% to $2,075, while Solana (SOL) jumped about 14% to around $89. After undergoing steep corrections in recent weeks, major altcoins appear to have shifted into a rebound phase. According to CoinGecko, the total cryptocurrency market capitalization increased by about 6.6% over 24 hours. Polkadot (DOT), Filecoin (FIL), Uniswap (UNI), Aptos (APT), Avalanche (AVAX), and Chainlink (LINK) also recorded double-digit gains.
Short sellers bore the brunt of the surge. Data from CoinGlass showed that approximately $463 million worth of positions were liquidated over the past 24 hours, with more than $400 million coming from short positions. Bitcoin accounted for the largest share at about $200 million, followed by Ethereum at $153 million and Solana at roughly $22 million. Analysts say the sharp rebound triggered a short squeeze—buying driven by the forced closure or covering of short positions—which amplified the upward momentum.
Risk appetite also extended to crypto-related stocks. Circle, the issuer of the USDC stablecoin, surged 29% to $79 per share following its earnings release, while blockchain lending firm Figure rose 15% to $34. Ethereum treasury strategy firm Bitmine Immersion Technologies gained about 14% to $22. Coinbase climbed 13% to $183, Bitcoin treasury strategy company Strategy rose roughly 9% to surpass $135, and mining firm MARA Holdings increased 7% to $8.66.
Although the broader market has yet to fully escape its bearish trend, the decentralized prediction market Myriad reflects a 43% probability that Bitcoin will reach $84,000 as its next target rather than falling to $55,000. That probability has risen by about 14 percentage points in just one day. Whether Bitcoin can firmly hold above $69,000 may determine if an additional short squeeze is triggered or if the market returns to heightened volatility.
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