Bitcoin’s new high raises a strange contradiction in the market. It prints green indicators while emotions refuse to follow. BTC managed to break the $77,000 level for the first time in 11 weeks, but bear bets took control of the liquidations.
The global market capitalization of cryptocurrencies has risen by approximately 3% in the past 24 hours. It is currently hovering around $2.61 trillion. The 24-hour trading volume in the digital asset market increased by 12% to $172 billion. This indicates that traders are accelerating their trades.
CoinGlass data shows that over 164,835 traders were liquidated in the past 24 hours. The total liquidation amounted to $747.81 million. However, the largest single sweep came from a $15.75 million BTC/USD trade on Hyperliquid.
Bitcoin Rally Leads to Short Squeeze?
Bears were seen bleeding as more than 78% of liquidated positions turned out to be short bets. More than $585 million in short bets were liquidated in this period. Data suggests that Bitcoin itself accounts for about $378 million of the total liquidations. It turned out that more than 91% of liquidated positions ($344 million) were short-term bets. This suggests that traders were hoping for this Bitcoin price For the price of Bitcoin to remain low or decline, however, the price of Bitcoin has jumped more than 3% in the past 24 hours to reach $78,000.
However, even as the bears bled, the conviction was not overturned. Funding rates for perpetual futures remain negative. This suggests that leveraged traders are still betting against the rally. This bearish situation has now continued for approximately 46 days in a row. This is said to be one of the longest stretches since the FTX collapse in 2022.
Markets are already starting to show signs of these pressure patterns. The Bitcoin price pump came alongside a broader shift in risk-taking across global markets. Positive comments from the US and Iran have pushed the market.
Stocks rose, oil and the dollar weakened, and the cryptocurrency market followed suit. Ethereum price has jumped more than 3% in the past 24 hours. ETH is trading at $2,420 at press time. Ether price movement led to the liquidation of $162 million. However, $142 million (87%) of liquidated positions were short bets.
RaveDAO emerged as the biggest winner among the top 100 cryptocurrencies in this period. RAVE’s price is up 25%, trading at around $21.69.
ETF Flows Lift Bitcoin?
The positioning of financial derivatives indicates that traders are not buying the narrative. Options markets Showing high demand for downside protection. Traders are said to pay premiums for levels as high as $60,000 and up to $50,000. At the same time, participation in the retail sector appears cautious. The continuing geopolitical uncertainty and repeated headlines about a ceasefire have led to a feeling of fatigue. It leaves many traders hesitant to chase the highs.
🫨 Bitcoin sentiment has bottomed out during a period when you might expect FOMO to set in. Despite that $ Bitcoin After Bitcoin crossed $77,000 today (for the first time in 11 weeks), there are 3 bearish comments for every 2 bullish comments on Bitcoin.
😫 Retail business is witnessing a great deal of… pic.twitter.com/sO22pBLQ42
— Santiment (@santimentfeed) April 17, 2026
Spot demand is also showing signs of recovery. Bitcoin is up about 14% from its April lows. This rally appears to be supported by renewed inflows into cryptocurrency-related ETFs. New data shows that net inflows exceeded $332 million this week.
April 16, 2026, saw $26.05 million invested in Bitcoin ETFs. Ethereum ETFs closed the day with net inflows of $18.02 million. This was their sixth positive session in a row.
BlackRock provided IBIT with net inflows of $81.71 million. This brings its cumulative total to $64.35 billion. Grayscale’s BTC added $16.67 million. This brings its cumulative total to $2.23 billion. Morgan Stanley’s MSBT added another $13.36 million during the session. Fidelity’s FBTC recorded an outflow of approximately $36 million. ARK’s ARKB reported outflow of $27.4 million.
On the other hand, leveraged traders are still in a position to take the plunge. They are leaning against the march. When prices rise against a busy short trade, the relaxation can quickly accelerate. As losses increase, short sellers are forced to buy back their positions. This adds fuel to the rise in a cascading effect. The longer this confrontation continues, the greater the volatility in the market.
