Bitcoin surged to $71,518, up 9.4 percent in 24 hours, following the largest single-day liquidation of short positions ever recorded. On-chain data shows over $800 million in shorts liquidated across major exchanges, triggering a cascade of forced buy orders that pushed through the $68,000 resistance level and erased three months of losses.
Funding rates on perpetual futures flipped sharply positive, signaling strong bullish conviction among derivatives traders. Open interest in Bitcoin futures climbed 12 percent to $32 billion, indicating fresh capital deployed with size. Spot Bitcoin ETFs pulled in $1.2 billion over the past week, while large wallet addresses accumulated over 18,000 BTC in five days—a pattern that signals institutional buyers and long-term holders moving in.
The Crypto Fear & Greed Index stands at 62, registering full greed. Ethereum jumped 17.6 percent to $2,278 and Solana traded at $86.39, marking broad strength across the market. Bitcoin's dominance hit 52.1 percent as total crypto market cap topped $3 trillion.
The U.S. Securities and Exchange Commission is expected to rule on spot Ethereum ETF applications by end of October. That approval could mirror the January Bitcoin ETF wave and unlock another tranche of institutional inflows. The April 2028 Bitcoin halving—which reduces new supply—remains a key event traders are positioning ahead of.
