Bitcoin Blasts Through $85K as $648M in Short Bets Get Wiped Out

Bitcoin traded around $84,984 during the late European morning, gaining more than 5% over 24 hours and breaking decisively above its September 4 high of $82,284.
The move marks a significant change from the tighter trading range that dominated much of September.

$648 Million in Shorts Liquidated

The rally hit traders positioned for lower prices particularly hard.
Across the crypto market, approximately $746 million in leveraged positions were liquidated over 24 hours, according to CoinGlass data. Roughly $647.9 million of those liquidations came from short positions.
Bitcoin shorts accounted for approximately $277.5 million, while Ether shorts contributed another $122.8 million.
Liquidations accelerated alongside Bitcoin’s move higher, with nearly $160 million in positions closed during a single hour and approximately 95% of those positions being shorts.

Crypto Trading Activity Jumps

Trading activity increased sharply alongside the price move.
Total crypto futures open interest climbed 7.59% to approximately $156 billion, while 24-hour trading volume increased 39% to $224 billion.
Bitcoin futures open interest also moved above 700,000 BTC for the first time in several weeks.
Buy-side activity strengthened as well. The futures taker long-short volume ratio moved to approximately 53% in favor of long volume, while Bitcoin and Ether recorded positive 24-hour cumulative volume delta readings.
These figures show increased market-order buying during Monday’s rally.

Bitcoin Rally Lifts the Broader Crypto Market

Bitcoin’s move was accompanied by gains across most major digital assets.
Ninety-five of the 100 assets in the CoinDesk 100 were trading higher, pushing the index up approximately 3%.
Sui gained more than 20% over 24 hours, while Dogecoin climbed roughly 10% and Avalanche gained more than 14%.
Several artificial intelligence and decentralized finance tokens also advanced during the session.

Options Traders Increase Call Activity

Activity increased in crypto options markets as well.
On Deribit, call options remained heavily traded across both Bitcoin and Ether. Bitcoin and Ether 30-day implied volatility indices also moved slightly higher during the session.
Meanwhile, perpetual futures funding rates increased as leveraged long positions expanded across parts of the market.

Why This Matters for Bitcoin

Bitcoin has broken above the top of its September trading range while trading volume, futures open interest and market-wide participation have all increased.
The move also forced approximately $277.5 million in Bitcoin short positions to close within 24 hours, adding significant buying activity during the breakout.
With Bitcoin back above $85,000 and the majority of the broader crypto market trading higher, Monday represents one of September’s largest bursts of crypto market activity.
For Bitcoin, the key development is simple: the September range has been broken, trading activity has surged, and $85,000 is back on the board.