BTC Price Update: Bitcoin Price Rise to $104K Eliminates Nearly $400M in BTC Bearish Bets, Opens Doors for Further Gains
Bitcoin's rise to $104,000 has wiped out nearly $400 million in bearish BTC positions, opening up room for further gains
The increase came after the announcement of a trade deal with the UK and record inflows into ETFs, which exceeded $40 billion.
Author: Omkar Godbole Updated May 9, 2025 1:25 pm Published May 9, 2025 4:03 am
Key points:
- Bitcoin's price rose more than 3% to $102,500, resulting in $400 million in bearish positions being wiped out.
- The increase came after the announcement of a trade deal with the UK and record inflows into ETFs, which exceeded $40 billion.
The sharp rise in the price of Bitcoin has taken traders by surprise, triggering a mass liquidation of bearish short positions.
The leading cryptocurrency by market cap has risen more than 3% to $102,500 in the past 24 hours, with the price briefly exceeding $104,000, its highest since January 31. The gains came after President Donald Trump announced a comprehensive trade deal with the UK and total inflows into spot exchange-traded funds (ETFs) reached a record high of over $40 billion.
The overall market is also showing gains, with the total market cap of all coins except BTC increasing 10% to $1.14 trillion, the highest since March 6, according to TradingView data.
This has resulted in a significant liquidation of bearish short positions, or leveraged trades designed to profit from falling prices. A position is liquidated or forcibly closed when a trader's account balance falls below the required margin level, often due to adverse price movements. This forces the exchange to automatically close the position to avoid further losses.
Nearly $400 million in bearish BTC positions have been liquidated in the last 24 hours, the highest amount in a single day since at least November, according to Coinglass. At the same time, $22 million in long positions have also been liquidated.
This significant imbalance indicates that leverage has been heavily biased in favor of the bearish trend, and the rapid liquidation of short positions suggests that the market may have more potential for growth in the future.
