Doge Outruns the Liquidators, BTC Holds the $85K Line 🐕

A wave of forced buying that cost short sellers $844 million ran its course on Tuesday, leaving Bitcoin flat over the past hour near $85,600 while Dogecoin led the rebound among major tokens with a gain of more than 15% to just above 10 cents, according to CoinDesk data. Bitcoin had added roughly 5% over the prior 24 hours, with most of that move attributed to traders being forced out of bets against it rather than fresh demand.

Total liquidations across crypto markets over the past day exceeded $1 billion, CoinGlass figures show, and $844 million of that, or 82%, came from bearish positions. Roughly 135,000 traders were closed out. Bitcoin accounted for about $608 million of the day's total and ether $181 million, while the largest single liquidation was a nearly $21 million Bitcoin position on Hyperliquid. Liquidations in the past hour came to under $11 million, down from more than $300 million an hour at the peak of Monday's move.

XRP added 7% to nearly $1.52 and SOL rose 5% to just under $117. Ether gained 3% to nearly $2,740, while BNB and TRX each picked up between 1% and 2%. ZEC was the only major token in the red, down 4% to just above $1,450.

Equities set a supportive tone through the Asian session, with MSCI's Asia Pacific gauge rising nearly 1% for a fifth straight day of gains. Chipmakers Samsung Electronics and SK Hynix tracked Monday's rally in U.S. semiconductor stocks, South Korea's Kospi advanced 2%, and Taiwan's benchmark hit an intraday record. The Wall Street rally followed early signs of traction for Meta Platforms' new AI agent, and AMD briefly surpassed $1 trillion in market capitalization.