Bitcoin tops $80,000 after $747 million in shorts liquidated, SHIB lags

Bitcoin surged past the $80,000 mark, rebounding after a brief dip to $75,600. The recovery was driven by renewed buying activity, with data showing that short covering and fresh inflows into spot Bitcoin ETFs played significant roles in the move. In the last 24 hours, Bitcoin climbed over 3% to approximately $80,300. Ether performed even better, adding around 5% to trade near $2,421, underscoring strength across much of the major cryptocurrency market. A sharp short squeeze appeared to fuel the bounce, as CoinGlass reported liquidations of about $378 million in short positions within a single hour. Total liquidations during the session reached nearly $747 million. Spot Bitcoin ETFs, which had seen sizeable outflows over the prior week, showed signs of stabilization.

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