- Bitcoin surged past $94,000, triggering over $300 million in short liquidations—the largest since October 2022.
- The rally, driven by a short squeeze and rising institutional interest, reflects growing bullish momentum and a sharp shift in market sentiment.
Bitcoin surged past the $94,000 mark early Tuesday morning, triggering a cascade of short liquidations worth over $300 million—the largest single-day short wipeout since October 2022. The dramatic rally has left bearish traders reeling and market analysts buzzing about the mechanics behind the explosive move.
According to data from Coinglass, total crypto liquidations topped $650 million, with short positions accounting for a whopping $565 million. Of that, over $156 million came from positions on Bybit alone. The sharp move upward forced traders with bearish bets to scramble and cover their positions, fueling a textbook short squeeze that drove prices even higher.
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“Stops were triggered, margin calls went out, and the short-covering scramble just poured fuel on the fire,” said Rick Maeda, analyst at Presto Research. He noted that funding rates on Bybit remained under 2%, suggesting this wasn’t a crowded arbitrage trade, but more likely directional speculation or a failed cross-exchange play.
Bitcoin’s rally hasn’t occurred in a vacuum. It has mirrored gains in gold, highlighting its increasing correlation with traditional safe-haven assets. Pat Zhang, head of research at WOO X, noted that in today’s risk-off environment, capital fleeing equities often lands in gold—and increasingly in Bitcoin.
Zhang attributed this shift to macro uncertainty stemming from trade tensions and fluctuating U.S. monetary policy. “As institutions hedge against instability, capital flows into BTC are becoming more structured and more substantial,” he said.
The sentiment shift is striking. The Bitcoin Fear and Greed Index has rocketed from 29 (fear) to 72 (greed) in just seven days. Prediction markets like Myriad suggest an 80% chance the index will stay above 55 through April 24, signaling sustained bullish momentum.
Add to that rumors of a $3 billion Bitcoin acquisition vehicle in the works from Cantor Fitzgerald, and it’s clear that institutional interest is far from cooling. As Bitcoin eyes new highs, the question now isn’t just how high it can go—but how fast.
