For the second time in as many weeks, bearish investors have been left reeling after a sudden Bitcoin price surge. On Monday, the cryptocurrency briefly touched $80,594, its highest level since January 31, before retreating to approximately $79,851.

This move triggered a staggering $370 million in total crypto liquidations over the past 24 hours, impacting nearly 97,235 traders, as per data from CoinGlass. Notably, $301.93 million of these losses stemmed from short positions. The liquidation of short positions was roughly four times that of long positions, underscoring the dominant bearish sentiment preceding the price move. As the rally gained momentum, these bearish investors were forced to unwind their positions at a loss.

Bitcoin accounted for $179 million of the total losses, while ether traders contributed $95 million. The largest single liquidation was an $11.77 million ETH/USDT short on the Binance platform.

This is the second such incident in two weeks, following a similar setup on April 18 that wiped out $593 million in short positions as Bitcoin pushed past $77,000. A pattern appears to be emerging, with funding rates on Bitcoin perpetuals remaining negative for most of April.

This indicates that shorts have been paying longs to maintain their short positions, and each time the price increases, the same trade unwinds violently. Other major cryptocurrencies also experienced gains. Ether rose 2.3% to $2,368 and is up 2.2% on the week.

XRP gained 2.1% to $1.42, while BNB added 1.9% to $630. Solana increased 1.4% to $85.14. Dogecoin continued its standout performance, rising 3.5% on the day and 14.3% on the week to $0.1119, extending its breakout that started last week alongside the year-high open interest in DOGE futures. According to SoSoValue, net inflows into U.S.

spot Bitcoin ETFs reached $153.9 million last week, with April seeing a total of $1.97 billion across these products - the highest monthly total since October 2025. In contrast, Ether ETFs experienced $82.5 million in net outflows, ending a three-week streak of inflows. Analysts at FxPro noted in a report that Bitcoin needs to consolidate above $85,000 to confirm the breakout.

"The rising price and the downward-sloping 200-day moving average are actively converging with an important long-term trend line at $83,600. While consolidation above this level could further encourage traders, we would prefer to see consolidation above $85,000 first.

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