Bitcoin Gained $1,800 in 30 Minutes and Wiped Out $113 Million in Shorts: What Just Happened?

The crypto market moved higher today, led by Bitcoin, which surged to around $74,300, marking its highest level in roughly 40 days. Bitcoin gained nearly $1,800 in just 30 minutes, triggering a wave of liquidations across derivatives markets.

More than $113 million worth of short positions were liquidated within an hour, forcing bearish traders to close positions and adding strong buying pressure to the market. The move pushed the broader crypto sector higher as well, with Ethereum climbing about 13% while other major assets followed the upward trend.

Since geopolitical tensions escalated between the United States and Iran, the crypto market has added over $320 billion in value.

Capital Rotation Toward Crypto

One of the developments during this rally is the shift of capital toward digital assets. While global markets faced volatility, traditional sectors experienced large losses.

U.S. equity markets erased roughly $2.4 trillion in value, while Gold and Silver together lost nearly $2.5 trillion during the same period. In contrast, the crypto market added more than $200 billion.

Bitcoin’s ability to outperform several major asset classes during geopolitical stress has strengthened its narrative as a diversification tool in global portfolios.

Institutional Demand Through ETFs

Institutional participation remains one of the strongest drivers of the current rally. Data from Sosovalue, between March 9 and March 13, spot ETFs linked to Bitcoin recorded $767 million in net inflows, extending a three-week streak of positive institutional investment.

Spot ETFs tied to Ethereum attracted $161 million in inflows over the same period. Meanwhile, funds connected to Solana recorded $10.7 million in inflows, while ETFs tracking XRP experienced $28.07 million in net outflows.

Large institutions have reportedly purchased over $2.1 trillion worth of Bitcoin ETF exposure, further strengthening demand for the asset.

Analysts Highlight Bullish Market Signals

Crypto analyst Dan Gambardello explained that several long-term indicators are beginning to align, forming what he described as a bullish macro confluence that typically takes years to develop. According to him, the current structure resembles patterns often seen near major market bottoms.

Crypto analyst Ali Martinez believes a relief rally may be approaching for Bitcoin. According to him, while Bitcoin trades around $71,000, derivatives data shows bears paying funding fees to keep their short positions open. He describes this as a rare market setup that has historically resulted in relief rallies with a strong success rate.

Based on past patterns, the analyst also highlights $73,500 as a key level, suggesting that a move toward that zone could confirm the expected bounce.