Markets Heat Up: Ether and Solana Advance as Bitcoin Rallies Toward $62,000

Bearish traders were hit with about $281 million in liquidations over the past 24 hours, nearly twice the losses seen on long positions, as bitcoin climbed to its highest level in two weeks. Ether gained close to 10% on the week, while solana surged around 19%, supported by a rebound in tech stocks that helped ease pressure from the AI-driven equity trade.

Ether and solana led the crypto market higher on Friday as a short squeeze lifted bitcoin toward $62,000, wrapping up the sector’s strongest week since mid-June.

Bitcoin traded near $61,360, up roughly 2.5% over the past seven days, according to CoinDesk data. Ether rose 4.2% in the past 24 hours to about $1,702, taking its weekly gain to 9.7%. Solana hovered near $80 with an 18.6% weekly advance, the strongest among major tokens. XRP gained 5.7% on the week to $1.09, while Hyperliquid’s HYPE rose 5.1% on the day.

Short sellers absorbed most of the damage, with $281 million in liquidations versus $159 million in longs, out of about $440 million in total forced closures affecting nearly 95,700 traders, according to Coinglass.

The rally was amplified by forced short covering, as traders were forced to buy back positions, accelerating upside moves as prices triggered successive liquidation levels.

The largest single liquidation was an $18.2 million ether position on Hyperliquid. Ether accounted for $157 million in total bearish liquidations, compared with $103 million for bitcoin—an unusual divergence in market stress.

Macro conditions added support. Weaker-than-expected U.S. jobs data for June reduced expectations of further Federal Reserve tightening and pressured the dollar, according to Bloomberg.

Cooling labor data has eased concerns over restrictive monetary policy, which has weighed on crypto in recent months. Gold also extended gains for a third straight session as rate-hike expectations faded.

Equity markets stabilized as Asian stocks rebounded after two sessions of tech-led declines. South Korea’s Kospi rose 3% after briefly nearing bear-market territory.

Samsung Electronics gained 6.8% after reports that AI firm Anthropic is in talks with the company to manufacture a custom chip, reinforcing continued momentum in AI infrastructure spending despite broader debate over its pace.

The stabilization in AI-related equities has reduced near-term capital outflows from crypto, though it also revives competition for liquidity that has shaped market dynamics this year.

The key question is whether the squeeze evolves into sustained momentum. While forced liquidations can drive sharp moves, they do not necessarily indicate durable demand. U.S. spot bitcoin ETFs continue to see record outflows, and thinner liquidity heading into the third quarter could amplify volatility in both directions.