The sharp crypto rally triggered about $3.3 billion in crypto liquidations, marking the largest wipeout of 2026.
• Bitcoin digital asset treasuries, MSTR and ASST, each rose around 9% in pre-market trade, on track to hit multi-month highs.
Shares of Strategy (MSTR), Bitmine Immersion Technologies (BMNR), Coinbase (COIN) and Circle (CRCL) extended Wednesday's rally in pre-market trade on Thursday as Bitcoin (BTC) continued its uptick beyond $71,000 and over $3 billion in crypto market bets were wiped out.
Bitcoin's price rose nearly 11% in the last 24 hours to over $71,600, hitting its highest level since May 31 and clocking its biggest single-day gain since March. On Stocktwits, retail sentiment around BTC jumped to 'extremely bullish' from 'neutral' territory over the past day, while chatter rose to ' high' from 'normal' levels.
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However, Ethereum (ETH), Solana (SOL) and Ripple's XRP (XRP) continued to outperform Bitcoin among the cryptocurrency majors. Ethereum's price rose nearly 20% in the last 24 hours to hit $2,200, a two-month high, according to CoinGecko. XRP's price jumped over 15% in the last 24 hours, while Solana's price rose over 13%.
According to CoinGlass data, about $3.3 billion in leveraged bets on cryptocurrencies were liquidated in the last 24 hours, with short positions totaling $3 billion. Ethereum and Bitcoin bets accounted for the lion's share, at $1.73 billion and $1.15 billion respectively.
This is the largest liquidation event of 2026 and the third-largest crypto liquidation event over the past year. In September, over $3.6 billion was liquidated after over-leveraged long positions were flushed out, and the U.S. tariff hike on China wiped out over $19 billion in crypto bets in October.
MSTR stock rose nearly 9% in pre-market trade, after clocking a gain of over 12% in the previous session. Shares of the Bitcoin-backed digital asset treasury (DAT) were on track to hit an over-2-month high and were among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around Michael Saylor's firm flipped to 'bullish' from 'bearish' over the past day, accompanied by chatter at 'high' levels.
Strategy has recently sold some BTC as part of its broader balance-sheet and capital management strategy. Still, Bitcoin's rally has renewed optimism among some retail traders, with one Stocktwits user suggesting the company could be "too big to fail" amid the cryptocurrency's rebound.