Bitcoin Climbs Above $93,000, Wiping Out Over $400 Million In Shorts Bets

• CoinGlass data showed nearly $500 million in leveraged trades liquidated over the past 24 hours.
• Roughly $419 million of the liquidations came from short positions caught offside.
• Cardano, Solana and Dogecoin led gains on Wednesday morning amid the broader market recovery.

Bitcoin (BTC) climbed over $93,000 in early morning trade on Wednesday as the apex cryptocurrency continued to recover from Monday’s drastic sell-off.

CoinGlass data showed nearly $500 million in leveraged trades liquidated over the past 24 hours, led by about $419 million in short positions as the market swing caught traders on the wrong side. That includes roughly $226 million in Bitcoin shorts, $86 million in Ethereum (ETH) shorts, and about $20 million in Solana (SOL) shorts.

The shakeout came as Bitcoin’s price rose 7.3% in the last 24 hours, with retail sentiment on Stocktwits around the token continuing to trend in ‘bearish’ territory. Ethereum’s price rose nearly 9% in the last 24 hours, and Solana’s price gained 11.5%. Retail sentiment around both altcoins was also in the ‘bearish’ zone.

Retail Sentiment Around Cardano Flips

The overall cryptocurrency market rose 6.2% to $3.23 trillion. Among major altcoins, Cardano (ADA) posted the strongest gains. ADA’s price jumped more than 13% in the last 24 hours, and retail sentiment also saw improvement to ‘bullish’ from ‘bearish’ territory. 

Meme token Dogecoin (DOGE) was among the top gainers as well, rising more than 10% in the last 24 hours. Ripple’s native token XRP (XRP) moved 8% higher while Binance Coin (BNB) gained over 7%. 

What Turned The Market Around?

Bloomberg analyst Eric Balchunas pointed to what he called “The Vanguard Effect,” noting Bitcoin jumped roughly 6% around the U.S. market open on Tuesday after the Bitcoin ETF ban was lifted. “Vanguard saving Bitcoin was not on my 2025 bingo card, I can tell you that,” he wrote on X, highlighting that IBIT logged $1 billion in trading volume within the first 30 minutes.

Meanwhile, QCP Capital CEO Melvin Deng told Bloomberg the market has entered a wait-and-see phase. He noted that Bitcoin is consolidating around $95,000, rebounding roughly 5% from Monday’s lows, while equities and forex markets remain steady ahead of next week’s Federal Open Market Committee (FOMC) meeting. CME Group’s Fed Watch Tool showed about a 97% probability of a 25-basis-point rate cut on Wednesday morning.

Read also: Apple Eyes Record iPhone Shipments This Year, Powered By China Rebound: Report

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