Nearly $360M In Crypto Shorts Squeezed As Bitcoin Recovers To $116,000

Cryptocurrencies, including Bitcoin and Ethereum, have experienced a significant rally in the last 24 hours, recovering from a recent slump. Bitcoin briefly surpassed $116,000, and Ethereum reached $4,250 before a slight retracement. Bitcoin is now up approximately 4% weekly, while Ethereum is up 3.4%. Most digital assets have seen positive returns, though some, like Tron, have declined. This market-wide recovery has resulted in substantial liquidations for short investors. Over the past day, approximately $467 million in cryptocurrency derivatives contracts have been liquidated. Bearish bets accounted for the majority of these liquidations, totaling $358 million. Bitcoin saw $177 million in short liquidations, followed by Ethereum with $130 million and Solana with $34 million. In related news, Bitcoin spot exchange-traded funds (ETFs) have recorded substantial inflows. Over the last month, Bitcoin spot ETFs have attracted $4.7 billion in net inflows. Ethereum spot ETFs, approved mid-2024, have also seen inflows, though significantly less at $983 million.