Bitcoin Tops $85,000 as Short Liquidations Hit $300 Million in an Hour
Bitcoin rises above $85,000 as short positions get wiped out
Bitcoin climbed above $85,000 on Monday, while short liquidations reached $300 million within a single hour. Crypto prices rose alongside equity futures as oil prices fell for a fourth straight session and traders looked ahead to a Trump-Xi summit later this week.
Ethereum-focused company Bitmine (BMNR) also increased its holdings, buying 27,562 ether worth roughly $75 million. That brings its total to 5.98 million ETH, close to 4.9% of all ether in circulation.
Key numbers from the market move
- Bitcoin crossed $85,000, its highest level since January.
- Short liquidations totaled $300 million in one hour.
- Monero (XMR) surged 13%.
- Bitmine accumulated about $75 million in ETH over the past week.
- Brent crude fell for the fourth consecutive day.
What the data shows
The article confirms that Bitcoin topped $85,000, short sellers faced $300 million in liquidations, and Monero gained 13%. Bitmine's purchase of 27,562 ETH worth about $75 million brought its holdings to 5.98 million ETH, roughly 4.9% of Ethereum's total supply. The article also confirms that Brent crude dropped for a fourth straight session.
Opinions from industry figures
Tom Lee, chairman of Bitmine and founder of Fundstrat, said institutions have been underweight in crypto this year, favoring AI stocks instead. He expects investors to increase their crypto exposure into year-end as ether continues its strong third quarter. This is a personal view, not a confirmed market outcome.
Why this matters
Bitcoin reclaiming its U.S. ETF cost basis for the first time since January suggests that investors who bought through spot exchange-traded funds are now back in profitable territory. Falling oil prices helped lift broader risk appetite, including crypto markets. The Trump-Xi summit later this week adds an element of uncertainty to markets.
What remains unclear
The article does not specify whether the rally will continue beyond Monday, nor does it confirm how the Trump-Xi summit will affect crypto prices. Tom Lee's outlook on institutional crypto adoption is his opinion and has not been independently verified.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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