Bitcoin nears $80K as $330M liquidations hit in an hour
Bitcoin (BTC) surged to nearly $79,500, pushing 24-hour gains to slightly above 13%. Price later retraced to just below $78K, but the move sparked heavy derivatives volatility.
Coinglass data shows that in the past hour alone, total liquidations exceeded $330 million, with most losses coming from short traders. Over the last 24 hours, liquidations are nearing $1.5 billion—an unusually large figure. At the time of reporting, about $825M of the liquidations were linked to Bitcoin positions. Binance accounted for the largest share, while Hyperliquid reported roughly half that amount.
In total, more than 170,000 traders were liquidated. The biggest single liquidation order came from Hyperliquid, with a notional value of $23.59 million.
Broader market momentum also appeared in major altcoins. XRP jumped about 25% on the day.
Implication for traders: Bitcoin’s approach to $80K is drawing leverage and amplifying volatility, increasing the risk of both breakout follow-through and fast retracements after liquidation cascades.
Bullish
Bitcoin’s push toward $80K signals strong spot momentum and risk-on sentiment, which is typically bullish for BTC. However, the large liquidation figures (>$330M in an hour; nearly $1.5B in 24 hours) also show that leverage is aggressively being chased and that short squeezes are likely driving part of the rally. This combination often creates a short-term boom-and-bust pattern: upside can extend quickly, but volatility can trigger sharp pullbacks once late longs or remaining shorts get forced out.
Historically, BTC rallies into major round-number levels (like previous $60K/$70K zones) have frequently been accompanied by liquidation cascades. After the initial squeeze, price may consolidate as the market digests forced exits, with trend continuation depending on whether demand holds above key support levels (e.g., the post-retrace area near $78K).
For traders: expect higher intraday swings, watch funding and liquidation velocity for signs of exhaustion, and be prepared for fast reversals even if the broader direction remains constructive.