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Bitcoin Nears $75,000 After Wave of Short Liquidations

According to CoinGlass, about $1 billion in short positions were liquidated over 24 hours. Ether, Solana, and Dogecoin also joined the move higher, while Washington keeps tightening the screws on crypto regulation.

By Zenz van der Wielen
• 2 min read
Bitcoin Nears $75,000 After Wave of Short Liquidations

Key Takeaways

  • Bitcoin rose to just below $75,000 on Friday after briefly topping $75,500, nearly 8% higher on the day.
  • CoinGlass reported about $1 billion in short liquidations over 24 hours; combined with the previous day, that pushed the total above $4 billion.
  • Altcoins also climbed, while the rally lined up with bigger U.S. Treasury buybacks and political pressure on crypto legislation.

Bitcoin rose on Friday during the Asian morning to just below $75,000 (€64,200), after briefly moving above $75,500 (€64,600) overnight. That put the price nearly 8% higher on the day and almost 18% higher on the week. Two days earlier, Bitcoin was still around $64,100 (€54,900).

Short Sellers Feel the Pain

According to CoinGlass, about $1 billion (€0.9 billion) in short positions were liquidated over 24 hours, out of a total of $1.23 billion (€1.1 billion) across 140,416 traders. A day earlier, shorts worth $3 billion (€2.6 billion) were already wiped out, the biggest daily figures in the available data since 2021. Together, that brings the two-day total to more than $4 billion (€3.4 billion).

The largest individual position closed in the latest session was a $25.13 million (€21.5 million) Bitcoin trade on Hyperliquid. That fits the picture of a market where many traders had bet on a drop, only to be forced to buy back their positions as the price kept climbing. In an earlier article, we already saw how a similar squeeze moved the market: liquidations were piling up fast then too.

Altcoins Join the Move

The move was not limited to Bitcoin. Hyperliquid's HYPE rose more than 4% to nearly $73 (€62), putting it at the top of the major coins on a weekly basis with almost 27% gains. Ether climbed nearly 5% to $2,350 (€2,010) and is up 24.5% this week. Solana gained more than 5% and landed just below $90 (€77), while Dogecoin rose nearly 9% to a little above 8 cents.

BNB rose 6% to $660 (€565), and Tron moved more quietly with a 1.5% gain to just below 34 cents. The broad rally shows that buying interest was not just in Bitcoin, but also spread across a range of major tokens.

Washington and the Market

The rally started earlier in the week, after the U.S. Treasury Department doubled the size of its long-dated buybacks from $2 billion (€1.7 billion) to $4 billion (€3.4 billion) per operation. That came alongside looser conditions in the U.S. bond market and more appetite for risky assets. At the same time, President Donald Trump urged Congress on Wednesday to move forward with the Digital Asset Market Clarity Act, a proposal meant to clarify the division of roles between the CFTC and the SEC in the U.S. For European crypto followers, that matters because U.S. rules often ripple through liquidity, listings, and sentiment around major tokens. Political pressure around that legislation had also already played a role in market sentiment around Bitcoin earlier: the Clarity Act was already coming into focus then.

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