Over $1 billion in positions were liquidated across crypto markets, with roughly $850 million of that coming from short sellers caught off guard by a violent price move. Bitcoin surged past $85,000 for the first time since January, gaining more than 5% in a single 24-hour window. In the hour after Bitcoin crossed $84,000 alone, over $262 million in short positions were liquidated, creating a vicious cycle where each forced buy pushed the price higher and triggered more liquidations. Long positions were not spared either, with approximately $200 million in losses, largely from traders caught by tight stop-losses during the volatility preceding the breakout. Open interest across crypto derivatives rose by 7-8% to approximately $156 billion.
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