Bitcoin surges past $85,000 as Ethereum hits $2,700; $650 million in shorts liquidated

Bitcoin climbed over 5% to reach a high of $85,300, while Ethereum rose to $2,750. The market rally triggered $751 million in total liquidations over 24 hours, with short positions accounting for $648 million. Analysts attribute the move to a combination of net inflows into US spot Bitcoin ETFs and a squeeze on concentrated short positions between $83,000 and $86,000. Meanwhile, Solana and XRP also saw significant gains, rising nearly 7% and 6.6% respectively. The Fear and Greed Index currently sits at 70, reflecting a state of greed.