Once again, bearish predictions have proven incorrect. Bitcoin's price briefly reached $80,594 on Monday, its highest point since January 31, before retreating to around $79,851. This move triggered a total of $370 million in crypto liquidations over the past 24 hours, impacting 97,235 traders, according to data from CoinGlass.
Of this total, $301.93 million was attributed to short positions. The dominance of bearish positioning prior to the move is evident in the fact that shorts were liquidated roughly four times as much as longs, forcing them to close their positions at a loss. Bitcoin accounted for $179 million of the total, while ether traders lost $95 million.
The largest single liquidation was an $11.77 million ETH/USDT short on Binance. This is the second such incident in two weeks, following a similar event on April 18 that wiped out $593 million in shorts as bitcoin surpassed $77,000.
The pattern of negative funding rates on bitcoin perpetuals, where shorts pay longs to maintain their positions, has led to violent unwinding of trades each time the price increases. Other major cryptocurrencies also saw gains, with ether rising 2.3% to $2,368, XRP gaining 2.1% to $1.42, BNB adding 1.9% to $630, and Solana increasing 1.4% to $85.14. Dogecoin stood out with a 3.5% daily gain and a 14.3% weekly increase to $0.1119, extending its breakout from the previous week alongside record-high open interest in DOGE futures. Net inflows into U.S.
spot bitcoin ETFs reached $153.9 million last week, with April seeing a total of $1.97 billion, the highest monthly figure 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 that bitcoin needs to stabilize above $85,000 to confirm its breakout. The convergence of the rising price, downward-sloping 200-day moving average, and an important long-term trend line at $83,600 is crucial.
Consolidation above $85,000 is necessary to encourage traders further.