Bitcoin has crushed short sellers after a push to monthly highs that drove crypto liquidations above $500 million, approaching $600 million on the busiest day.
Recent price action hurt bears most as BTC rallied toward roughly $74,000. Data from order-book tracker CoinGlass shows price cutting through liquidation walls, producing a flurry of forced exits for both longs and shorts, with short liquidations hitting levels not seen since late February.
Pseudonymous analyst CryptoReviewing, cofounder of trading community Wealth Capital, says the market regime has shifted and bulls currently control the tape. He highlights a liquidity cluster at about 73,000–75,000 that could be swept to push prices higher. But from a pure liquidity perspective, the 65,000–71,000 range contains roughly four times the built-up liquidity, making it the likeliest area for the market to revisit next. In his words, ‘Bulls just took back control.’
Keith Alan, cofounder of Material Indicators, similarly anticipates a support test as part of a healthy consolidation that would help confirm a durable trend change. He cautions, however, that some longer-term bearish signals remain, and that the current setup could ultimately precede Bitcoin’s next leg down, so a pullback cannot be ruled out.
Institutional flows have accompanied the price strength. US spot Bitcoin ETFs logged nearly $500 million in net inflows on Wednesday, and Farside Investors’ data show ETF inflows have been net positive on all but one trading day since February 24. March ETF inflows have topped $1.1 billion.
The Kobeissi Letter reports that US-listed ETFs have attracted about $380 billion so far in 2026, roughly an 80% rise compared with the first two months of 2025, calling the trend a historic acceleration in investor demand. That sustained ETF interest is being credited with part of the renewed price momentum and increased institutional participation.
This summary is for informational purposes only and is not investment advice or a recommendation. All trading and investing carry risk; readers should perform their own research before making decisions. Data and forward-looking observations are subject to change and may not be complete or accurate.