Over $800 Million Crypto Bets Wiped Out Amid Bitcoin’s Rally To $78,000

• Bitcoin led liquidations with nearly $390 million, followed by Ethereum at about $181 million.
• Binance, Bybit, and Hyperliquid recorded the highest liquidation volumes among exchanges.
• Analyst Ted Pillows pointed to strong resistance between $78,000 and $80,000 due to large sell orders.

More than $800 million in cryptocurrency bets was wiped out in the last 24 hours amid Bitcoin’s (BTC) surge to $78,000, with short positions accounting for over $650 million of the forced unwinds. 

CoinGlass data showed $816 million in liquidations over the last 24 hours, with shorts accounting for $653 million and around $162 million in long positions going underwater. 

Bitcoin’s price rose 3.5% in the last 24 hours to around around $77,300. Retail sentiment around the apex cryptocurrency trended in ‘bullish’ territory over the past day, accompanied by ‘high’ levels of chatter. 

Short Sellers Bear The Brunt Of Bitcoin Move

Bitcoin accounted for the largest share of liquidations, with nearly $390 million in positions wiped out. Ethereum (ETH) followed with about $181 million in liquidations. Solana (SOL) saw roughly $23 million in liquidations, while Ripple’s XRP accounted for about $7.6 million. Liquidations were heavier on short positions for the tokens. 

According to analyst Ted Pillows, large sell orders are stacked in the $78,000 to $80,000 range, suggesting potential resistance if Bitcoin continues higher. In a post on X, he wrote that buy-side liquidity appears thinner until around $73,000, indicating a possible air pocket if prices reverse.

One user on Stocktwits said the Bitcoin short squeeze is already underway and could accelerate if the token breaks above key resistance, forcing even more leveraged short positions to unwind.

Another said that if Bitcoin’s final resistance band stands at around $79,000. If BTC can push past that level, he expects the cryptocurrency to keep moving higher. 

Liquidations were concentrated across a handful of major exchanges. Binance accounted for approximately $334 million of the total, followed by Bybit at about $499 million and Hyperliquid at around $140 million.

Read also: XRP, ETH Outpace BTC On Iran Deal Hopes – Trump Reportedly Eyes Weekend Deadline

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