Bitcoin Nears $75,000 as Two-Day Short Liquidations Top $4 Billion

Bitcoin climbed to nearly $75,000 in Asian trading Friday, up almost 8% on the day and close to 19% for the week, after briefly touching $75,500 overnight. The rally has now triggered more than $4 billion in short liquidations over two days.

Short Sellers Continue Losing Ground

Roughly $1 billion in short positions were wiped out over the past 24 hours, adding to the record $3 billion liquidated the previous day, the largest single-day figure since 2021. A liquidation occurs when a leveraged trader’s losing bet is automatically closed by an exchange, and the resulting wave of forced buying can push prices higher without reflecting genuine new demand.

Broader Market Moves Higher

Ether, Solana, Dogecoin, and BNB all posted strong weekly gains, while Hyperliquid’s HYPE token led major coins with nearly 27% growth over seven days. The rally traces back to the US Treasury’s decision to double its long-end bond buybacks, along with renewed political momentum after President Trump urged Congress to advance the Digital Asset Market Clarity Act. Bitcoin’s total market value now sits at $1.5 trillion, still about 40% below its October record above $126,000.