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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/22/2026

Bitcoin Surges Past $85,000 as Short Liquidations Top $750M

What happened: Bitcoin climbed above $85,000 for the first time since January, gaining over 5% in 24 hours.

Bitcoin Surges Past $85,000 as Short Liquidations Top $750M

What happened: Bitcoin climbed above $85,000 for the first time since January, gaining over 5% in 24 hours. CoinGlass data shows approximately $750 million in crypto positions were liquidated, with $648 million of those being shorts. The largest single BTC liquidation order was $11.3 million on Binance. Other major tokens also rallied, with ETH up 5.6% and SOL up 7.2%.

Why it matters: The surge was driven by a massive short squeeze, forcing out bearish bets and triggering a wave of liquidations across exchanges. Despite the forced closures, open interest in crypto derivatives rose 7.59% to $156 billion, indicating that traders are quickly re-entering the market rather than stepping back. The move comes amid macro uncertainty, with the Federal Reserve recently hiking rates by 25 basis points and markets pricing in a 56% chance of another hike in October.

Source: The Block