$371M in crypto shorts wiped out as Bitcoin hits $76k: Is $80K the next stop?
- Crypto shorts worth $371M were squeezed, showing the rise of speculative dominance.
- However, weak fundamentals could quickly reverse this momentum.
The election buildup sparked massive liquidity in the options market, wiping out $371 million in crypto shorts and driving Bitcoin [BTC] to a new ATH of $76K.
With a 25 bps FOMC rate cut adding nearly 2% since the last close, the market’s bullish momentum is undeniable. This surge may propel BTC to $78K, as retail investors rush in, driven by Bitcoin-friendly sentiment.
However, as shown in the delta, long liquidations are stacking up, which could trigger a long squeeze before the weekend. Thus, a small pullback to shake out FOMO-driven longs poses a real risk.
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