Daily liquidations are nearing $130 million.
Bitcoin surged by over $7,000 in the past week, surpassing $60,000 for the first time since late August.
Altcoins are also performing well. Ethereum (ETH) climbed above $2,400, Chainlink (LINK) increased by 6%, and some meme coins saw notable gains.
Last Friday, Bitcoin dropped sharply from over $57,000 to $52,500 within hours, likely due to macroeconomic factors and increasing net outflows from spot Bitcoin ETFs.
However, Bitcoin began to recover over the following week. Even Wednesday's CPI data couldn't hold it back for long.
The most significant rise happened on Friday evening, a week after the drop, when Bitcoin reached a 16-day high of over $60,500. Although it has slightly decreased since then, it remains above $60,000, marking a 12% weekly gain. This surge coincided with changes in ETF trends and MicroStrategy's announcement of a large Bitcoin purchase.
Altcoins like ETH (up 3%), DOGE (up 4.5%), XRP (up 2.5%), TON (up 4%), AVAX (up 3.5%), SHIB (up 4%), and LINK (up 6%) also saw significant gains. Meme coins like PEPE increased by over 7% in the past day.
The total value of liquidated positions has reached nearly $130 million daily. With 80% of these being short positions, more than $100 million in bearish trades have been wiped out.
