Bitcoin, Ethereum, XRP Surge as $400 Million in Shorts Get Liquidated

Bitcoin (CRYPTO: BTC) surged above $85,000 for the first time in nine months Monday, liquidating over $400 million in leveraged shorts.

What Triggered the Rally

The Kobeissi Letter posted on X Monday that the shorts got wiped out in just four hours, a classic squeeze accelerating an already strong move.

U.S. spot Bitcoin ETFs added to the momentum, pulling in $593 million over Thursday and Friday alone last week to fully reverse earlier weekly outflows and close the week with a modest net inflow according to SoSoValue.

CoinDesk reported Monday that oil helped fuel the move, with Brent crude falling for a fourth straight session, its longest losing streak in three months, as diplomatic signals between Washington and Tehran pointed toward easing tensions. 

Meanwhile, Donald Trump told Fox News he would “probably” meet Iranian President Masoud Pezeshkian at this week’s UN General Assembly. 

How Crypto-Linked Stocks Reacted

Crypto equities rallied alongside the token rally Monday:

BTC, ETH, XRP Price Analysis: Key Levels to Watch

Bitcoin breaks decisively out of its descending triangle Monday, surging to $84,220 and touching $85,257 intraday, its highest level since the September 3 high near $82,700.