One of the biggest short liquidations 2026 wiped $593 million in bearish bets overnight. Saturday afternoon as Iran reportedly reversed the Hormuz reopening.
What to know:
Bitcoin surged above $78,000 in a sharp short squeeze after Iran declared the Strait of Hormuz fully open and Donald Trump claimed Tehran agreed to an unlimited suspension of its nuclear program.
The rally triggered about $762 million in crypto liquidations, mostly from short positions, with bitcoin accounting for roughly $382 million and ether $167 million, as funding rates had been negative for weeks.
Traders are watching the $76,000 to $78,000 zone as a key resistance area whose sustained break could clear a path toward bitcoin’s $94,000 yearly open and $126,000 record high, while other major tokens also logged solid weekly gains.