Bitcoin (BTC) rose from Tuesday’s low of $88,000 to above $93,500 in Asian morning hours

Futures bets against higher crypto prices lost over $500 million in the past 24 hours

Futures bets against higher crypto prices lost over $500 million in the past 24 hours as a surge higher, buoyed by a possible cooldown of China tariffs by the U.S., led to the largest short liquidations since October.

Bitcoin (BTC) rose from Tuesday’s low of $88,000 to above $93,500 in Asian morning hours, data shows, leading a jump in the broader market with ether (ETH), Cardano’s ADA and dogecoin (DOGE) up 14%. Solana’s SOL and XRP rose 7%, with all tokens in the top hundred by market cap in the green.

Meanwhile, Sui Network’s SUI, UniSwap’s UNI and Near Protocol’s showed strength with gains of as much as 18%. Memecoin mog (MOG) rocketed 30%, continued its tendency to act as a beta bet to ETH’s move.

Nearly $530 million in shorts, or bets on lower prices, booked losses amid a general unwinding of leveraged bets. Data shows that most short liquidations took place on Bybit at $234 million, followed by Binance at $100 million and Gate at nearly $70 million.

The largest single liquidation order happened on Binance, an ETH futures position that was worth over $4.5 million.

Liquidations occur when an exchange forcefully closes a trader’s leveraged position owing to a partial or total loss of the trader’s initial margin. It happens when a trader cannot meet the margin requirements for a leveraged position, that is, when they don't have sufficient funds to keep the trade open.

An uptick in crypto markes came as Trump said he planned to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal — a sign that may temper an ongoing cautious sentiment among traders.

“Fears of an escalating trade war have abated as traders largely see the U.S. and China coming to a trade agreement in the coming weeks,” Jeff Mei, COO at BTSE, said in a Telegram message. “Whether or not this will be temporary remains to be seen.”

“But what the last couple of weeks has shown us is that the likelihood of rate cuts and a depreciating U.S. dollar are high, which explains bitcoin's surge. If the U.S. dollar is weakening, there aren't many other currencies to turn to as many other countries may also depreciate their currencies. This could pave the way for bitcoin to become a major store of value,” Mei added.input: A surge in bitcoin (BTC) prices led to the biggest losses for futures traders betting against the cryptocurrency, with over $500 million in positions liquidated in the past 24 hours.

The world’s largest cryptocurrency rose as high as $93,500 on Wednesday, a move that wiped out a triple-edged sword of doom naysayers and brought the biggest liquidation event since October.

The bulk of the liquidations, which occurred as U.S. President Donald Trump said he planned to be “very nice” to China in any trade talks, targeted bitcoin and ether (ETH). Together, the two tokens accounted for nearly two-thirds of the total value liquidated across major exchanges.

As of 08:00 (GMT+8), bitcoin was trading at $92,000 and ether at $2,000. Among the top ten tokens by market capitalization, only bitcoin, ether, and solana (SOL) managed to rise by more than 7%.

In the broader market, most of the top hundred tokens were trading in green territory, with SUI, UNI, and NEAR showing strength with gains of as much as 18%. Memecoin mog (MOG) rocketed 30%, and continued its tendency to act as a beta bet to ETH’s move.

Out of the $530 million in shorts, or bets on lower prices, that got liquidated, the bulk of the liquidations happened on Bybit at $234 million, followed by Binance at $100 million and Gate at nearly $70 million.

The largest single liquidation order happened on Binance, an ETH futures position that was worth over $4.5 million.

Liquidations occur when an exchange forcefully closes a trader’s leveraged position owing to a partial or total loss of the trader’s initial margin. It happens when a trader cannot meet the margin requirements for a leveraged position, that is, when they don't have sufficient funds to keep the trade open.

An uptick in crypto markes came as Trump said he planned to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal — a sign that may temper an ongoing cautious sentiment