{"id":96477,"date":"2026-04-24T13:23:36","date_gmt":"2026-04-24T10:23:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96477"},"modified":"2026-04-24T13:26:19","modified_gmt":"2026-04-24T10:26:19","slug":"bitcoins-run-to-79000-driven-by-1-1bn-in-short-liquidations-says-cryptoquant","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoins-run-to-79000-driven-by-1-1bn-in-short-liquidations-says-cryptoquant\/","title":{"rendered":"Bitcoin\u2019s run to $79,000 driven by $1.1bn in short liquidations, says CryptoQuant"},"content":{"rendered":"<p>The latest surge in bitcoin to $79,000 was driven primarily by derivatives rather than spot demand, according to CryptoQuant contributor Carmelo Aleman.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BTC\u2019s Rally Was a Short Squeeze<\/p>\n<p>\u201cAs long as price depends more on derivatives than on solid spot validation, the structure will remain vulnerable to reversal.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/oro_crypto?ref_src=twsrc%5Etfw\">@oro_crypto<\/a> <a href=\"https:\/\/t.co\/apoXcTXIAQ\">pic.twitter.com\/apoXcTXIAQ<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/2047583075714961746?ref_src=twsrc%5Etfw\">April 24, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>During the move, bitcoin rose from $76,351 to $79,447 (+4.05%). At the same time, open interest climbed from $24.88bn to roughly $28bn \u2014 a sign, he said, of rising leverage in futures.<\/p>\n<h2 class=\"wp-block-heading\">Short liquidations<\/h2>\n<p>The upswing in bitcoin and the broader market triggered extensive covering of shorts. By Aleman\u2019s estimate:<\/p>\n<ul class=\"wp-block-list\">\n<li>liquidations of bitcoin shorts totalled about $607.9m;<\/li>\n<li>for Ethereum \u2014 roughly $580.9m.<\/li>\n<\/ul>\n<p>By comparison, long liquidations were far lower \u2014 about $111m in total.<\/p>\n<p>In the analyst\u2019s view, that confirms the rise was driven by a <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-short-squeeze\">short squeeze<\/a>, not by durable spot demand. Aleman argues that such a set-up leaves the market vulnerable.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe price rose not because of dominant spot interest, but due to pressure in the derivatives market, which may indicate the fragility of the move,\u201d his analysis suggests.<\/em><\/p>\n<\/blockquote>\n<p>As long as the rally is sustained only by futures, the risk of a correction persists, he concluded.<\/p>\n<p>Glassnode stressed that sentiment among large players in the derivatives market remains bullish.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Whales on Hyperliquid have been longing the breakout of the range. Their conviction and long positioning have steadily increased over the past two months, signaling strong bullish sentiment among big perp players.<\/p>\n<p>\ud83d\udcca<a href=\"https:\/\/t.co\/G1mZrpr16c\">https:\/\/t.co\/G1mZrpr16c<\/a> <a href=\"https:\/\/t.co\/uDuKtMFdWv\">pic.twitter.com\/uDuKtMFdWv<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/2047595238378598515?ref_src=twsrc%5Etfw\">April 24, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Whales on <\/em><a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\"><em>Hyperliquid<\/em><\/a><em> have been betting on upside, anticipating a range breakout. For two months their conviction and long positioning have only increased,&#8221; the experts noted.\u00a0<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Strong momentum<\/h2>\n<p>April could be one of bitcoin\u2019s best months in the past 18 months. According to <a href=\"https:\/\/www.coinglass.com\/today\">CoinGlass<\/a>, over the last 24 days the asset has risen 14.3% \u2014 the strongest since November 2024.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6cac32741ca0078d-2627348130649591.webp\" alt=\"Bitcoin monthly returns per CoinGlass\" class=\"wp-image-278942\"\/><figcaption class=\"wp-element-caption\">Source: CoinGlass.\u00a0<\/figcaption><\/figure>\n<p>Since early February, the cryptocurrency has added about $20,000 and approached the top of its months-long range.<\/p>\n<p>At the time of writing, bitcoin is trading around $77,500.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-8dca6f8f2a00bde5-2627364500869504.webp\" alt=\"Bitcoin BTC price chart per TradingView\" class=\"wp-image-278943\"\/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/atJ4mYHE\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Institutional investors are providing support. Over the past five days, spot bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a> bought roughly 19,000 BTC.<\/p>\n<p>Andr\u00e9 Dragosch, head of Bitwise\u2019s European unit, noted that this volume is about nine times the new supply of coins over the same period.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">GM from Switzerland! <\/p>\n<p>US spot bitcoin ETFs have purchased 18,991 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> over the past 5 trading days.<\/p>\n<p>*checks numbers*<\/p>\n<p>That&#8217;s 9 x times the new supply in that period. <\/p>\n<p>Institutional demand for <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a> is clearly accelerating. <a href=\"https:\/\/t.co\/VtzVyjQAJu\">pic.twitter.com\/VtzVyjQAJu<\/a><\/p>\n<p>\u2014 Andr\u00e9 Dragosch, PhD\u26a1 (@Andre_Dragosch) <a href=\"https:\/\/twitter.com\/Andre_Dragosch\/status\/2047548259783070108?ref_src=twsrc%5Etfw\">April 24, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"wp-block-heading\">Long-term signals<\/h2>\n<p>MN Trading founder Micha\u00ebl van de Poppe highlighted bitcoin\u2019s Sharpe ratio, which gauges return adjusted for risk.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is a generational opportunity, right now. <\/p>\n<p>The Bitcoin Sharpe Ratio has hit a level that&#8217;s comparable to any broad market bottom. <\/p>\n<p>This early in 2026.<\/p>\n<p>If you flip that measure, it&#8217;s actually the best time to be investing in the underlying asset, in this case <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>.\u2026 <a href=\"https:\/\/t.co\/qaYRF01K9h\">pic.twitter.com\/qaYRF01K9h<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/2047333492539752806?ref_src=twsrc%5Etfw\">April 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He said the metric is at levels previously seen near market bottoms. In past cycles, such readings preceded gains:<\/p>\n<ul class=\"wp-block-list\">\n<li>of roughly 120\u2013135% after 12 months;<\/li>\n<li>of 400\u2013800% after two years.<\/li>\n<\/ul>\n<p>Against this backdrop, the analyst <a href=\"https:\/\/forklog.com\/en\/news\/analyst-predicts-bitcoin-could-reach-100000-by-2026\">again suggested<\/a> reaching $100,000 in the third quarter of 2026 and setting a new all-time high in the following months.<\/p>\n<h2 class=\"wp-block-heading\">Key levels<\/h2>\n<p>In the near term, van de Poppe thinks the advance could carry bitcoin to $86,000. In that case, altcoins could rise 30\u201340% from current levels.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Upwards moves can last longer than you generally expect.<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> collapsed from $100K+ to $60K in less than 2 months.<\/p>\n<p>Currently, there&#8217;s a slow grind higher after a V-shaped recovery in the Nasdaq.<\/p>\n<p>I think this leg has enough room to continue to $86K, and <a href=\"https:\/\/twitter.com\/hashtag\/Altcoins?src=hash&#038;ref_src=twsrc%5Etfw\">#Altcoins<\/a> to run\u2026 <a href=\"https:\/\/t.co\/f420cj6WGJ\">pic.twitter.com\/f420cj6WGJ<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/2047382497097314681?ref_src=twsrc%5Etfw\">April 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He cites $75,000 as key support. To maintain momentum, bitcoin needs to hold above that mark.<\/p>\n<p>Some traders view $80,000 as a critical level. A market participant known as Daan Crypto Trades stressed that bulls \u201cneed to push through it to turn this around in their favour on the higher timeframes\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> Has been in an up trend during April. But it is coming up to some important high timeframe levels.<\/p>\n<p>Especially above the $80K area is where the bulls would need to push through to turn this around on the high timeframe.<\/p>\n<p>ON the downside, the immediate supports are that ~$72K\u2026 <a href=\"https:\/\/t.co\/vXYpUn5K8A\">pic.twitter.com\/vXYpUn5K8A<\/a><\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) <a href=\"https:\/\/twitter.com\/DaanCrypto\/status\/2047405397083107405?ref_src=twsrc%5Etfw\">April 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Immediate support levels now sit at $72,000 and $65,000.<\/p>\n<p>On April 24, the Fear and Greed Index <a href=\"https:\/\/forklog.com\/en\/news\/fear-and-greed-index-hits-three-month-high-amid-bitcoin-surge\">reached<\/a> its highest level since January at 46.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s latest run to $79,000 was driven mostly by derivatives rather than spot demand, said CryptoQuant\u2019s Carmelo Aleman.<\/p>\n","protected":false},"author":1,"featured_media":96478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"CryptoQuant: bitcoin\u2019s $79,000 surge was a short squeeze, not spot-driven.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1205,1273,1138],"class_list":["post-96477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-cryptoquant","tag-glassnode","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"CryptoQuant: bitcoin\u2019s $79,000 surge was a short squeeze, not spot-driven.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=96477"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96477\/revisions"}],"predecessor-version":[{"id":96479,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96477\/revisions\/96479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/96478"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=96477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=96477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=96477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}