Bitcoin briefly climbed to $70,000, and ether rose above $2,100, triggering futures liquidations that surpassed $500 mln over the past 24 hours.

Market dynamics

The intraday move saw bitcoin test the $70,000 level before consolidating, while ether established a position above $2,100.

Traders attributed the rally to a mix of order flows and short-covering amid concentrated activity on derivatives markets.

Liquidations and trader impact

Over the twenty-four-hour window, more than 133,000 traders were liquidated, with roughly $469 mln coming from short positions.

Overall liquidations across exchanges topped $500 mln, representing the largest single-session short squeezes for many participants.

Legal news as a potential catalyst

Market participants cited reports of a lawsuit alleging that Jane Street employed an algorithm for daily morning bitcoin sales, which could have influenced price action.

Such activity, if proven, may have exerted downward pressure on prices and contributed to subsequent short-covering rebounds among leveraged traders.

Exchanges have not yet published detailed breakdowns of liquidations by instrument or region, leaving the full market impact under further review.