The post Bitcoin’s spike above $93k wipes out shorts, $652M liquidated across the market appeared on BitcoinEthereumNews.com.

Bitcoin’s latest liquidation sweep erased $652.84 million across crypto on April 23, wiping out 172,948 traders. Bitcoin alone contributed $321.70 million, or roughly 50% of the total. Exchange dashboards show shorts carried almost the entire weight: on Bybit, HTX, Gate.io, and CoinEx, more than 95% of BTC positions liquidated were shorts, and across the market, the ratio sat near 94.8%. Bybit led the tally with $163.92 million in BTC losses, followed by HTX at $50.87 million and Gate.io at $44 million, while Binance, OKX, and smaller venues filled out the rest. Bitcoin liquidations across exchanges in the past 24 hours on April 23 (Source: CoinGlass) The wipe-out unfolded after a sharp price rebound. Spot data place sBitcoin’s closing price on April 22 at $93,480 and today at $93,710, up almost 8% from Tuesday’s open of $87,511. The squeeze coincided with a sharp expansion in open interest: aggregate BTC OI climbed from $58.46 billion to $67.28 billion in 24 hours, a 15% jump that showed the inflow of fresh leverage. An $8.8 billion burst of new contracts, many concentrated on perpetual venues, created a fertile backdrop for abrupt liquidations once the price pushed beyond $90,000. Open interest for Bitcoin futures from April 1 to April 23 (Source: CoinGlass) Macro news set the stage for the rally. The IMF cut its global growth outlook and warned of stickier inflation. Hours later, US Treasury Secretary Scott Bessent hinted at progress on trade talks with China, easing tariff angst and lifting risk appetite. Meanwhile, a note from Standard Chartered flagged a twelve-year high in the US term premium and argued Bitcoin is undervalued versus emerging systemic risk, stoking demand for crypto as a policy hedge. Together with these headlines, the market drove a swift rotation out of bearish bets. Why were shorts so exposed?…

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Filed under: News - @ April 24, 2025 1:18 am