Bitcoin (BTC) rallied above $78,000 to hit another 10-week high on Friday as crypto and equity markets reacted to cooling tensions in the US and Israel war in Iran. The rally above range highs also resulted in a large liquidation of leveraged Bitcoin positions.

More than $660 million in short positions were liquidated, with Bitcoin accounting for $353 million of that total. Ether (ETH) followed with $160 million in short liquidations.

Across the board, $826 million was wiped from the futures market over the last 24 hours.

The single biggest liquidation occurred on Hyperliquid, where a $15.75 million BTC-USDT short position was closed.

Large clusters of short liquidations typically amplify the reach of asset rallies and data from CoinGlass…