The price of Bitcoin is soaring Wednesday, and traders betting against the leading cryptocurrency and other top assets are feeling the pain—to the tune of nearly $700 million worth of liquidated short positions over the last 24 hours.
Bitcoin was recently trading for $96,867, and hit its highest price since November 14, according to data from CoinGecko. The top asset is up nearly 5% over the last day and just over 5% on the week, though it remains down about 23% from its all-time high above $126,000 set in early October.
Other major cryptocurrencies are similarly in the green on Wednesday, with Ethereum rising almost 7% to $3,354, XRP climbing nearly 5% to $2.17, and Solana ticking up almost 4% to about $147.
Bears have been rewarded at times in recent months with Bitcoin and other assets losing ground, but short holders have been mostly punished over the last day, with CoinGlass showing about $690 million worth of shorts liquidated over that span. That’s from a total of $789 million worth of liquidations.
Bitcoin leads the way for liquidated positions with $382 million worth, followed by Ethereum at $231 million and Solana at $33 million.
Crypto prices have been on the rise over the last day as traction builds around the Clarity Act, the U.S. crypto market structure bill, which is currently being drafted and revised ahead of planned markup from the Senate Banking Committee on Thursday.
Rebounding sentiment also comes following Tuesday’s CPI report, which showed steadying inflation in the United States. On Tuesday, Bitcoin ETFs in the U.S. had their best single day for investments since October, with $754 million flowing into the products. Gold and silver have also jumped to new highs this week.
Users on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—have grown increasingly bullish on Bitcoin, giving the asset a nearly 89% chance of rising to $100,000 sooner than it can fall to $69,000. Those odds have increased by nearly 13% over the last 24 hours alone.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
'Black Swan' Author Nassim Taleb Believes Elon Musk's X Money is 'Much Smarter' Than Bitcoin - U.Today
Elon Musk's X Money will enter early access in April, with Nassim Taleb praising it as a superior alternative to Bitcoin. He argues it promotes competition in currency issuance, functional daily use, and is backed by a robust infrastructure, unlike volatile cryptocurrencies.
UToday44m ago
ETH 15-minute decline of 0.80%: On-chain large fund flows and DEX selling pressure resonate to trigger a downtrend
2026-03-11 15:00 to 2026-03-11 15:15 (UTC), ETH price briefly and rapidly declined within the range of 2042.35 to 2065.57 USDT, with a K-line return of -0.80% and an amplitude of 1.13%. Market volatility intensified during this period, with significantly increased attention, and short-term market pressure triggered market alertness.
The main driving force behind this anomaly is large-scale on-chain fund flows and sell pressure concentrated on decentralized exchanges (DEX). Monitoring data shows multiple large ETH transfers to trading platforms, suspected to involve institutions or whales.
GateNews1h ago
XRP Price Hints at Bullish Reversal as Negative Funding Rates Build Pressure on Short Sellers
XRP shows potential for a bullish reversal as market indicators align, with negative funding rates possibly triggering a short squeeze. Technical patterns and whale accumulation further support an upward move, indicating a significant price change may be imminent.
CryptometerIo1h ago
Shiba Inu (SHIB) regains momentum as buying pressure reaches the highest level of the month
The price of Shiba Inu (SHIB) is fluctuating around the 0.0000056 USD mark at the time of writing on Wednesday, after rising nearly 7% over the past two days. This recovery trend appears as on-chain indicators and derivatives market data begin to send positive signals. Trading volume is increasing.
TapChiBitcoin2h ago
Goldman Sachs: Hedge fund positioning may create conditions for a rebound in US stocks, with short positions rising to the highest since September 2022
Goldman Sachs report indicates that the structure of hedge fund positions in the US stock market is creating conditions for a market rebound. Speculators maintain long positions while shorting ETFs and futures. Short positions have reached their highest level since September 2022, reflecting market responses to uncertainty. If positive news emerges, it could trigger a rapid market rally.
GateNews2h ago
ETH 15-minute increase of 0.83%: Whales' capital inflow and DeFi lending demand resonate to drive the price
Between 13:30 and 13:45 (UTC) on March 11, 2026, ETH experienced a short-term fluctuation. The candlestick data shows a return of +0.83%, with a price range of 2046.07 to 2082.31 USDT, and an amplitude of 1.77%. Market activity increased during this period, with trading volume significantly higher than the previous cycle, and volatility exceeding the intraday average, attracting widespread market attention.
The main drivers of this fluctuation were the rapid inflow of large on-chain funds and active institutional accounts. Between 13:32 and 13:43,
GateNews2h ago
