Bitcoin rebounds to $78,000, shorts get slaughtered accounting for 67% of liquidations, 90,000 people liquidated across the network for over $250 million

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Bitcoin rebounded strongly from its 5/19 trough of $76,201, hitting a high of $78,071 and currently trading around $78,020; Ethereum likewise recovered from $2,081, currently quoted at $2,144. Easing Middle East tensions drove US stocks to record highs and triggered a broad risk-on move across crypto markets. Over 24 hours, 89,643 traders were liquidated for over $250 million network-wide, with shorts accounting for 67.2% — short sellers took the worst hit. (Previous coverage: Late-night massacre! Bitcoin plunged with a wick to $76,000, ETH broke below $2,100, 24-hour network-wide liquidations hit $840 million) (Background: Bitcoin surged past $82,000, Ethereum climbed above $2,300! Hot money celebrates passage of the Clarity Act) Bitcoin has shown signs of a bull counterattack, rebounding strongly from its 5/19 trough of $76,201, reaching a 24-hour high of $78,071 and currently quoted at approximately $78,020, with a 24-hour gain of +1.56%. Ethereum likewise recovered from its $2,081 trough, peaking at $2,149 and currently quoted at $2,144, with a 24-hour gain of +1.49%. Both major coins broke clear of the prior day's resistance zone, with market sentiment noticeably warming. According to CoinGlass data, over the past 24 hours, a total of 89,643 traders were liquidated network-wide, with total liquidations reaching $250.22M (approximately $250 million). Of these, long liquidations totaled $82.04M (32.8%), while short liquidations reached $168.18M (67.2%) — short sellers' losses far exceeded longs, making them the most direct victims of this rebound. The most recent 1-hour data is even more extreme: of the $20.29M in liquidations, shorts accounted for 96% ($19.46M) — almost entirely short positions getting wiped out. Over 4 hours, liquidations totaled $44.55M, with shorts making up 76.66%. The largest single liquidation occurred on Binance BTC/USDT, totaling $3.04M. This rebound was primarily triggered by a convergence of multiple bullish factors: - Easing Middle East tensions: According to media reports, advisers in the Trump camp are urgently looking to wind down the Iran conflict, fueling risk-on sentiment. Oil prices retreated in tandem, helping to dampen inflation expectations. - US stocks rallied broadly on 5/20: S&P 500 closed up +1.08% at 7,432.97, breaking above 7,300 for the first time; Nasdaq rose +1.54% to 26,270.36; Dow Jones gained +1.31%, returning above the 50,000 round-number mark. - Trump Media withdrew BTC ETF application: On 5/20, Trump Media & Technology Group announced the withdrawal of its Bitcoin ETF-related application. Although seemingly bearish, the market interpreted it as a strategic adjustment, and it did not trigger significant selling pressure. - CoinShares flags record outflows: Last week, crypto investment products saw weekly outflows of $1.01 billion (BTC $982M, ETH $249M), the third-largest weekly outflow of 2026, ending six consecutive weeks of positive inflows. Whether this week's rebound can shift institutional sentiment is the most critical indicator to watch going forward. Solana (SOL) performed relatively strongly, rebounding from its 5/19 trough of $83.78, hitting a 24-hour high of $87.09, currently quoted at $86.69, with a +2.84% gain — the largest single-day gain among the top four coins. XRP recovered from its 5/20 trough of $1.35, currently quoted at $1.3779, with a 24-hour gain of +1.65%, ranging between $1.3477 and $1.3807 over the past 24 hours. Despite the price rebound, market sentiment indicators have not fully caught up. The alternative.me Fear & Greed Index registered 29 today (Fear), up slightly from yesterday's 27, but still far from the optimistic mood that drove the $82,145 high on 5/15. The index shows that retail sentiment recovery is clearly lagging price action, and whether this short-term rebound can form a trend remains to be seen. On the macro front, the April FOMC kept rates at 3.5-3.75%, but internally there was a rare 8-to-4 split — four dissenting votes, the most since October 1992; March CPI rose 0.9% month-over-month, the highest since 2022, with persistent inflation pressure continuing to delay rate-cut expectations. The crypto market's subsequent trajectory will heavily depend on whether Middle East tensions genuinely ease, whether institutional capital flows back in, and the Fed's next policy signal. 📍Related coverage📍

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