Crypto market nears $3 trillion after $557.79 million short squeeze

  • Bitcoin drove the cryptocurrency market toward $3 trillion after a broad short squeeze.
  • $557.79 million in bearish positions closed, with shorts absorbing about 70% of losses.
  • Binance delisted 19 low-liquidity USDC pairs while taking a $100 million Circle stake.

The cryptocurrency market moved toward the historic $3 trillion capitalization threshold after a short squeeze drove Bitcoin toward $87,400 and forced bears to close $557.79 million in positions. Short sellers accounted for about 70% of the losses, led by BTC perpetual contracts at $242.47 million and ETH perpetual contracts at $100.83 million, according to CoinGlass. Spot ETFs recorded more than $1.9 billion of inflows over 24 hours, with Bitcoin receiving $1.36 billion, Solana $257.25 million, Ethereum $223.51 million and XRP $45.54 million, according to SoSoValue. Hyperliquid's HYPE token reached a new all-time high near $96. Bitcoin later stabilized in the mid-$85,000s as traders assessed a brief USDe squeeze on Binance, which pushed the token to $0.92, and a local liquidity shortage ahead of the exchange's wallet upgrade. Binance is also restructuring its markets, delisting 19 low-liquidity USDC pairs while taking a $100 million equity stake in Circle. XRP rose 5.5% over the week after breaking a five-week symmetrical triangle, briefly reaching $1.57 and testing resistance between $1.55 and $1.56. A weekly close above that zone would make the former triangle boundary support, while a false breakout could send XRP toward $1.40. Shiba Inu gained 8.61% after forming a Bull Combo pattern, but stalled below its 50-week moving average near $0.0000064. Buyers must reclaim that level to open a possible move toward the 200-week moving average at $0.0000122; meanwhile, whales added 468 million SHIB near the current bottom.

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