Bitcoin Price Rockets Past $80K as Leveraged Shorts Get Crushed

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Bitcoin’s price has once again smashed through the $80,000 range, reaching an intraday high of $80,808 per coin on Thursday at 11 a.m. EDT. The leading crypto asset has risen 3.5% over the last 24 hours and now stands with a market cap of around $1.60 trillion.

Key Takeaways

Bitcoin hit $80,808 as the crypto market climbed above $2.7 trillion.
Coinglass logged $409.07 million liquidated, including $280.05 million in shorts.
U.S. bitcoin ETFs drew $232 million Aug. 26, while Polymarket bettors remain cautious.

Bitcoin Smashes $80,000 as Crypto Market Turns Green

Global crypto market capitalization stands at $2.7 trillion on Thursday, and the aggregate has risen more than 3%. Roughly nine of the top ten crypto assets by market cap are in the green during the morning trading session, and bitcoin’s price tapped an intraday top of around $80,808.

Bitcoin trading volume stands at $30.87 billion, and the day’s most active BTC exchanges for trading include Binance, Coinbase, and Upbit.

Crypto Greed Returns as XRP and SOL Lead the Charge

After last month’s “fear” reading with a score of 29, the Crypto Fear and Greed Index now stands with a score of 72, which equates to “greed.”

In addition to BTC’s rise, ETH jumped 3.33%, BNB ripped 2.5%, XRP logged a much larger 6% jump, and SOL has gained more than 12% during the past day. Thursday’s largest gainers include PROM, NPC, VET, and TRUMP, which saw percentage gains between 19.71% and 30.42%.

Short Sellers Get Crushed as $409 Million in Bets Vanish

ONG, STX, RVN, and POL recorded the day’s biggest losses between -3.68% to -20.36%. Today’s surge in crypto asset values has caused $409.07 million in derivatives plays to be liquidated. Short traders were hurt the most as $280.05 million out of the total happened to be short bets.

A large sum of 89,215 leveraged traders lost their shirts over the last day, according to coinglass.com liquidation statistics. Bitcoin and ethereum leveraged bets saw the most damage, with ETH leading the pack.

ETH and BTC Shorts Take the Biggest Hit

Around $106 million in ETH shorts were wiped off the tape and $78.88 million in BTC shorts were also liquidated. Other leading liquidations stem from bets tied to SOL, XRP, ONG, HYPE, and ZEC.

Coinglass discloses that the biggest single liquidation occurred on the crypto platform Binance, as an ETH/USDT wager saw $12.4 million liquidated. While some of the rally is attributed to the U.S. Treasury’s bond buyback announcement, a great deal of the lift is also coming from exchange-traded fund (ETF) inflows.

ETF Inflows Fuel the Rally, but Prediction Markets Stay Cautious

Statistics show that U.S. spot bitcoin ETFs logged an eighth straight inflow session on August 26 with about $232 million of net creations. The combination of strong institutional participation plus the debasement trade has fueled bitcoin prices, and where it leads next is anyone’s guess.

Wall Street analysts are optimistic alongside diehard proponents, but prediction market bettors are a lot more cautious. Events on prediction markets like Polymarket and Kalshi, wagering real money on BTC’s future price, do envision higher prices but at a much slower rate than Bitcoiners and analysts can imagine.

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