Bitcoin jumped above $82,000 on September 3, rebounding from a recent decline to $76,000. The cryptocurrency later settled near $80,500 before retreating to $79,200 following a sell-off.
The upward move came as approximately $250 million in short leveraged positions were liquidated over 24 hours, compared to just $21.5 million in long positions. This imbalance underscored the strength of bullish momentum in the market.
The sharp move in bitcoin triggered broader liquidations across crypto markets, with total wipeouts reaching $758 million. Ethereum saw short positions account for roughly 54% of its $184 million in liquidations. Zcash surged 21% to reach a year-to-date high of $1,023, with over 90% of its $38 million in daily liquidations coming from short positions.
Other assets recording significant liquidations included Solana at $26 million, XRP at $23.5 million, and Hyperliquid at $9.7 million. Short positions made up $480 million of the total $758 million in crypto liquidations.
Bitcoin exchange-traded funds saw net inflows of $101 million on September 2, reversing the previous day's $237 million in outflows. Blackrock's IBIT led inflows with $115 million, while Grayscale's GBTC lost $56 million.
Bitcoin open interest remains elevated at approximately $54 billion, indicating that leverage quickly returned to markets following the liquidations. Analysts noted that $81,500 represents a key level for sustaining upward momentum, with the market still testing the $76,000 to $81,000 range that has capped prices in recent trading.
