According to CoinGlass data, $262.3 million worth of short positions were liquidated in one hour, while total crypto market liquidations reached around $271.8 million during the same period.
Bitcoin climbed as high as $85,229 earlier in the day, its highest level since late January.
The cryptocurrency has gained more than 7% over the past five days and nearly 35% over the past three months.
The rally comes as investors assess whether the prolonged downturn in cryptocurrency prices has ended. Bitcoin, however, remains well below its record high of more than $126,000 reached in October 2025.
Matt Hougan, chief investment officer at Bitwise, told CNBC that he believes the crypto winter is over, describing the current period as crypto spring.
Bitcoin’s latest rally also came after it recorded its first weekly close above its 50-week moving average in 45 weeks, according to CoinGlass data.
