Bitcoin Rally Sees $700 Million in Bearish Crypto Bets Wiped Out
(Bloomberg) — Bitcoin advanced to a two-month high, finally joining the rally in risk assets and precious metals after spending weeks stuck in a tight range.
The original digital asset rose as much as 3.9% to $97,694 on Wednesday, its highest intra-day level since Nov. 14, when it last touched $100,000. Ether, the second-largest token, surged as much as 6%. In options markets, the rally has erased more than half a billion dollars in bearish crypto bets.
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Bitcoin’s jump sent the price above its 100-day moving average, which traders who favor charts and graphs to predict prices see as a bullish signal. Bitcoin had slumped to a loss of more than 6% for 2025 after ending the year in…
