Nearly $400M in Bearish Bitcoin Positions Liquidated as BTC Surges to $104K, Boosting Optimism for Continued Growth.

Bitcoin’s recent rally has caught many traders off guard, resulting in a surge of short position liquidations as the market continues to climb.

The leading cryptocurrency surged by over 3% to reach $102,500 within 24 hours, briefly peaking above $104,000—its highest level since January 31. This jump in price comes on the heels of U.S. President Donald Trump’s announcement of a significant trade deal with the U.K., paired with an influx of capital into spot Bitcoin exchange-traded funds (ETFs), which saw a record inflow exceeding $40 billion.

As Bitcoin surged, the broader cryptocurrency market also enjoyed impressive gains. Altcoins saw a 10% increase in market capitalization, reaching a total of $1.14 trillion, the highest seen since March 6, according to TradingView data.

The rapid price movement triggered a cascade of short liquidations, with nearly $400 million in bearish Bitcoin bets being wiped out over the last 24 hours, marking the largest single-day liquidation since November. At the same time, approximately $22 million in long positions were also closed.

The surge in short liquidations signals that a majority of market participants had been betting on a downward trend. The quick pace of these liquidations hints at further bullish momentum in the market, as the squeeze on short positions could drive additional buying activity in the near term.