Bitcoin (BTC) briefly spiked above $89,000 during early Asian trading hours before dropping back to around $87,000 in a volatile session, extending its 7-day gains to more than 32%.
The sharp price swings led to nearly $700 million in liquidations on crypto futures, hitting both long and short positions, with $380 million lost on bearish bets and $290 million on bullish ones. This total liquidation is the highest seen since early April, when BTC last approached its former peak at over $73,000.
BTC futures saw more than $200 million in short liquidations, while ether futures saw $40 million in bearish liquidations.
Other major and midcap assets, such as Solana’s SOL and Aptos (APT), also experienced significant liquidations, each topping $25 million. These high liquidation amounts suggest a renewed appetite for risk among crypto traders, as typical liquidation levels for these assets are generally below $5 million under normal market conditions.
Annualized funding rates for some altcoin futures surged above 30%, according to Coinglass data.
BTC rose more than 7% over the past 24 hours following an unusually bullish weekend, buoyed by positive sentiment after Republican Donald Trump’s recent U.S. presidential election victory.
Analysts at major banks predict that a Republican-led administration could potentially drive the total crypto market cap to $10 trillion by 2026, up from its current $3 trillion level, with BTC price targets reaching $100,000 by year’s end.
However, traders remain cautious, warning of a possible price correction in the near term. A sharp leverage washout could occur if BTC surpasses $90,000, with some predicting a slower climb to $100,000 from current levels.
