Bitcoin’s price surged past $80,000 for the first time since January, marking a significant rebound from recent lows. The rally coincided with a pause in weekly Bitcoin purchases by the leading corporate holder, Strategy, ahead of its quarterly earnings report. Market data shows over $460 million in futures positions were liquidated in the past day, with short sellers bearing the brunt of the move.
Bitcoin topped $80,000 overnight for the first time since late January, according to recent trading data. The leading cryptocurrency has risen more than 18% over the last 30 days, per figures from CoinGecko.
Ethereum has similarly posted strong monthly gains, rising almost 15% over the same period. Other major coins like XRP and Solana saw smaller gains during the recent market upswing.
Both Bitcoin and Ethereum fell sharply earlier this year amid geopolitical instability. They have since rebounded following a ceasefire and hopes for an imminent end to conflict.
Over $461 million in crypto futures positions were liquidated in the last 24 hours, data from CoinGlass shows. Short positions accounted for the majority of these liquidations, totaling $317 million.
Strategy, which holds about $65 billion in Bitcoin, did not make its customary weekly purchase. The company routinely skips buys the week before its quarterly earnings report, which is scheduled for this Thursday.
Executive Chairman Michael Saylor wrote on X regarding the pause, “No buys this week. Back to work next week.” The firm’s absence from the market coincided with Bitcoin’s push to new multi-month highs.
