Bitcoin short squeeze to $82,000, XRP hits 14-day high \ Altcoin season arriving? 85,000 short positions liquidated for $257 million

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Bitcoin rebounded strongly from a low of $78,922 to a high of $82,048 over the past 24 hours, while XRP broke through $1.54 to hit a 14-day high. Short liquidations over the last 12 hours were 2.3 times higher than long liquidations, signaling a clear short squeeze. Kevin Warsh was confirmed to lead the Fed with a 54-45 vote, a move the market interprets as "pro-crypto." Coupled with U.S. stocks hitting record highs, market sentiment has recovered by 9 points from deep fear. (Previous coverage: Bitcoin drops below $78,000! 115,000 traders liquidated for $371 million as hot CPI dampens rate cut expectations) (Background: Bitcoin's breakout to $82,000 is a "short squeeze"! Wintermute warns: Spot volume hits a two-year low; keep a close eye on the Fed leadership change and CPI impact) A market washout is underway. Bitcoin surged from a 24-hour low of $78,922 to an intraday high of $82,048, up +2.42%. XRP broke directly through $1.54, hitting a 14-day high with a 24-hour gain of +4.40%. This rally is driven by two converging forces: Kevin Warsh officially taking over the Fed, which the crypto community has dubbed the "start of the pro-crypto chair era," and the S&P 500 and Nasdaq both hitting all-time highs, fueling a broad rise in risk assets. As of 09:04 Taiwan time, BTC is trading at $81,572, with a 24-hour range of $78,922 to $82,048. It is less than $500 away from the May 6 peak of $82,496; a breakout on high volume would technically recover the entire decline seen in May. ETH is trading at $2,293, up +1.13% over 24 hours, with an intraday high of $2,319. Notably, Jane Street’s latest 13-F filing reveals a 71% reduction in IBIT (Bitcoin ETF) holdings in Q1, while adding approximately $82 million to ETH ETFs, suggesting institutional capital is quietly rotating from BTC to ETH. SOL is trading at $92.47, up +1.29%. According to CoinGlass data, total market liquidations over the past 24 hours reached $257.39 million, with 85,427 traders liquidated. Long liquidations accounted for $105.04 million (40.8%), while short liquidations totaled $152.35 million (59.2%), leaving bears to bear the heavier cost. Focusing on the last 12 hours, the short squeeze signal is even clearer: $124.09 million in short liquidations, 2.3 times the $53.10 million in long liquidations. The largest single liquidation occurred on the Hyperliquid platform for the XYZ:COIN-USD contract, totaling $2.93 million. The macro catalysts for this rebound are clear and concentrated. Kevin Warsh was confirmed by the Senate with a 54-45 vote and will officially take over as Fed Chair on May 15, the day Powell’s term expires. While the market initially characterized Warsh as hawkish, J.P. Morgan issued a counter-assessment, suggesting that AI productivity dividends will provide the Fed with more room for rate cuts, meaning Warsh may not be as hawkish as expected. A more direct crypto catalyst: Warsh’s personal financial disclosure shows he holds over $100 million in crypto-related investments, spanning more than 20 blockchain entities including Bitwise, dYdX, and Compound—leading the crypto community to quickly label him the "most pro-crypto Fed Chair in history." In the U.S. stock market, the S&P 500 rose +0.6% on May 14 to hit an all-time high, and the Nasdaq rose +1.2% to a record high, led by semiconductors and the Mag 7. Although the PPI rose +1.4% month-over-month on the same day (the largest single-month increase in 4 years), which theoretically suppresses rate cut expectations, the market chose to ignore the inflation warning under the dual narrative of "Warsh being pro-crypto + AI," leading to a broad recovery in risk appetite.

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