Bitcoin's Price Surge to $104K Liquidates Nearly $400M in Bearish BTC Bets, Opening Doors to Further Gains

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By Omkar Godbole May 9, 2025, 4:03 a.m. BTC rally shakes out shorts. (Coinglass) What to know : Bitcoin's price surged over 3% to $102,500, triggering $400 million in short position liquidations. The rally followed a U.K. trade deal announcement and record ETF inflows exceeding $40 billion. Bitcoin's rapid price rally has caught traders off guard, triggering large liquidations of bearish short positions. The leading cryptocurrency by market value has risen over 3% to $102,500 in the past 24 hours, with prices topping $104,000 at one point, the highest since Jan. 31. The bullish move came as President Donald Trump announced a comprehensive trade deal with the U.K. and the cumulative inflows into the spot exchange-traded funds (ETFs) hit a record high above $40 billion. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Long & Short Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . The broader market rallied as well, with the total market cap of all coins excluding BTC surging by 10% to $1.14 trillion, the highest since March 6, according to data source TradingView. That has led to substantial liquidations of bearish short positions, or leveraged plays aimed at profiting from price losses. A position is liquidated or forced closed when the trader's account balance falls below the required margin level, often due to adverse price movements. This leads the exchange to close the position to prevent further losses automatically. Nearly $400 million in BTC short positions were liquidated in the past 24 hours—marking the highest single-day total since at least November, according to Coinglass. Meanwhile, $22 million in long positions were also wiped out. This significant imbalance indicates that leverage was heavily tilted towards the bearish side, and the rapid liquidation of shorts suggests there could be more upside potential for the market ahead. Bitcoin Markets Macro Liquidations Omkar Godbole Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . 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