Bitcoin Surges to $35,000, Wiping Out $300 Million in Short Positions.

Bitcoin's rapid 12.2% surge in the past 24 hours, driven by speculation of a spot ETF approval, wiped out $300 million in crypto short positions, primarily affecting bears.

This surge propelled BTC to $35,000, causing nearly $400 million in crypto derivatives positions to be liquidated, with shorts accounting for 75%. BitMEX saw 99% of these liquidations.

Bitcoin traders on BitMEX lost $224 million, while Ethereum traders lost $60 million. Liquidations occur when traders fail to meet margin requirements or lack funds.

Analysts attribute these liquidations to the anticipation of SEC approval for Bitcoin spot ETFs. A recent court mandate has concluded the Grayscale/SEC legal battle, though spot ETF approval remains uncertain.

BitMEX founder Arthur Hayes believes this surge may signal the start of a bullish phase, adding to the market's intrigue.