Bitcoin and Ether's Sharp Breakouts Liquidate Nearly $700 Million in Short Positions

Source: CryptoNewsNet Original Title: Bitcoin and ether’s sharp breakouts liquidate nearly $700 million short positions Original Link: Bitcoin extended its breakout on Wednesday, climbing to as high as $97,800 during the U.S. trading session after finally breaching the $95,000 resistance that capped prices for much of the past two months.

The largest cryptocurrency gained 3.5% over the past 24 hours.

Meanwhile, the second largest cryptocurrency, Ethereum’s ether, outpaced bitcoin’s gains, rallying 5% to $3,380 — its highest price in over a month — and breaking through the key $3,300 level for the first time in 2026.

The synchronized breakout of the top two cryptocurrencies triggered widespread liquidations across derivatives markets, particularly among traders who had placed leveraged bets.

Nearly $700 million worth of leveraged short positions — bets on lower prices — were wiped out, according to CoinGlass. Of that, roughly $380 million were bitcoin shorts, while over $250 million came from traders shorting ether.