Bitcoin (BTC) briefly reached a high of $80,594 early Monday morning, marking its peak since January 31, before retracting slightly to around $79,851 as of the latest reports. This surge resulted in over $370 million in total cryptocurrency liquidations within the last day, impacting approximately 97,235 traders according to CoinGlass data. Short positions accounted for the lion’s share of these liquidations, amounting to $301.93 million.
The liquidation ratio suggests that bearish sentiment was prevalent prior to this upward movement, as short positions were unwound at a loss due to the unexpected rally.
Bitcoin contributed significantly with $179 million in losses, while ether traders saw $95 million wiped out. The most substantial single liquidation was an ETH/USDT short valued at $11.77 million on Binance.
This event marks the second instance of such a squeeze within two weeks. A similar occurrence on April 18 led to $593 million in shorts being obliterated as bitcoin surpassed $77,000 following reports suggesting an Iran ceasefire.
There appears to be an emerging structural pattern. Bitcoin perpetuals have maintained negative funding rates throughout most of April, indicating that short sellers had been compensating long positions to maintain their bearish stance. Each subsequent price increase results in a forced and violent unwinding of these trades.
Other major cryptocurrencies also experienced upward movement. Ether increased by 2.3% to $2,368, marking a weekly gain of 2.2%. XRP rose by 2.1% to $1.42, while BNB appreciated by 1.9% to $630. Solana climbed 1.4% to $85.14. Dogecoin emerged as the standout performer, increasing by 3.5% in a single day and surging 14.3% over the week to reach $0.1119, continuing its breakout initiated last week alongside a peak in DOGE futures open interest.
According to SoSoValue, net inflows into U.S.-based spot bitcoin ETFs were reported at $153.9 million for the previous week. April as a whole attracted $1.97 billion across these products, marking the highest monthly intake since October 2025. In contrast, ether ETFs experienced a reversal in trends with $82.5 million in net outflows, concluding a three-week series of inflows.
Analysts at FxPro highlighted that for bitcoin to confirm its breakout potential, it needs to consolidate above $85,000. They noted the convergence between the rising price and the downward-sloping 200-day moving average with a crucial long-term trend line at $83,600. A consolidation above this level could further boost trader confidence; however, they suggested waiting for stabilization above $85,000 as more convincing evidence.