Ether and solana extend gains as a short squeeze lifts bitcoin toward $62,000
Bearish traders lost $281 million in liquidations over 24 hours, nearly double the longs, as bitcoin pushed to its strongest level in two weeks. Ether is up almost 10% on the week and solana nearly 19% while a rebound in tech stocks eased the pressure from the AI trade.
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Summary
- Ether and solana led a broad crypto rally, with bitcoin nearing $62,000 in the market’s strongest week since mid-June as major tokens posted sizable weekly gains.
- A sharp short squeeze drove the move, with $281 million in bearish crypto bets liquidated in 24 hours and ether accounting for the largest share of wiped-out positions.
- Weaker U.S. jobs data eased expectations for further Federal Reserve rate hikes, lifting risk assets from crypto to Asian stocks, though questions remain about whether the squeeze will turn into sustained demand amid ETF outflows and thin liquidity.
