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Breaking News: Adam Back Denies Being Bitcoin Creator In Response To NYT: ‘I Am Not Satoshi’
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Breaking News: Adam Back Denies Being Bitcoin Creator In Response To NYT: ‘I Am Not Satoshi’

Bitcoin Surge To $72,000 Unleashes $470M Squeeze On Crypto Bears

Keshav Verma
Keshav Verma
Last Updated: April 9, 2026 2:00 am
2 mins read
Bitcoin

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Data shows the uplift that Bitcoin and other cryptocurrencies have seen during the past day has induced a significant amount of liquidations in the derivatives market.

Crypto Derivatives Market Has Witnessed Nearly $630 Million In Liquidations

According to data from CoinGlass, a large amount of liquidations have occurred in the cryptocurrency derivatives sector. “Liquidation” here refers to the forceful closure that any open contract undergoes after it has amassed losses of a specific degree.

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In the digital assets market, coins tend to be volatile and leverage usage can be high among traders, so events where mass liquidations take place at once aren’t a rare sight. One such squeeze has again occurred in the past day.

Below is a table that breaks down the numbers relevant to the latest cryptocurrency market liquidations.

Bitcoin Liquidations
Looks like shorts have faced the brunt of the liquidations | Source: CoinGlass

In total, the cryptocurrency market has seen liquidations of about $627 million in the last 24 hours. This flush is a result of the sharp price action that Bitcoin and other assets have observed following the ceasefire between Iran and the United States.

From the table, it’s apparent that liquidations have heavily leaned in the short direction, involving bearish bets of more than $473 million. The dominance of shorts isn’t surprising as price action has overall been toward the upside inside this window.

In terms of the individual assets, Bitcoin has contributed the most toward the liquidation squeeze, with $276 million in positions involved.

Bitcoin Vs Other Cryptos
The heatmap related to the latest crypto market liquidations | Source: CoinGlass

Like is usually the case, Ethereum has followed Bitcoin in second place with almost $121 million in liquidations. Out of the altcoins, Solana has witnessed the largest derivatives flush at $19 million.

While the market has faced a large amount of liquidations, it would appear that speculative activity has been high enough to replace the lost positions. As highlighted by CryptoQuant community analyst Maartunn in an X post, the Ethereum Open Interest has seen a sharp surge alongside its rally back above the $2,200 level.

Ethereum Open Interest
How the ETH Open Interest has changed over the last few days | Source: @JA_Maartun on X

The Open Interest here is an indicator tracking the total number of derivatives market positions related to Ethereum that are currently open on all centralized exchanges. This metric jumped by more than 14% as ETH observed its breakout.

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XRP 1-Year MVRV Falls To -41%, Lowest Since FTX Crash

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In the past, rallies fueled by speculative activity have often tended to be unstable, as a sharp surge in the Open Interest can unwind with strong liquidations. From the chart, it’s visible that the price jump at the start of this week saw this pattern play out.

Bitcoin Price

Bitcoin briefly touched the $72,800 mark during the rally before retracing back to $71,600.

Bitcoin Price Chart
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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