Dogecoin, Ethereum Outperform Bitcoin After $600 Million Liquidation Wave Hits Crypto Market

Short sellers accounted for the majority of losses, with roughly $480 million wiped out over the past 24 hours.

• Bitcoin’s price pulled back to around $72,600 after hitting an intraday high of over $74,000 on Wednesday.
• Analysts are divided on whether the move signals a lasting bottom for Bitcoin or a short squeeze driven by forced liquidations.
• Dogecoin and Ethereum outperformed Bitcoin, rising over 7% each in the last 24 hours.

Dogecoin (DOGE) and Ethereum (ETH) outperformed Bitcoin (BTC) on Wednesday night as the apex cryptocurrency pared gains after hitting an intraday high of over $74,000, wiping out $600 million in leveraged bets over the past 24 hours.

According to CoinGlass data, over $596 million was liquidated, with short sellers accounting for $480 million. Bitcoin saw the largest number of liquidations of around $315 million, while Ethereum (ETH) saw $156 million, followed by Solana (SOL) at $25 million.

Bitcoin’s price was trading at around $72,600 at the time of writing, still up 6.6% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency rose to ‘extremely bullish’ from ‘bullish’ territory over the past day.

Meanwhile, Dogecoin (DOGE) and Ethereum led gains among crypto majors. Dogecoin’s price rose 7.8% in the last 24 hours to around $0.096. Ethereum’s price jumped 7.6% to over $2,100. Retail sentiment on Stocktwits around both cryptocurrencies improved over the past day, shifting to ‘neutral’ from ‘bearish’ territory for Dogecoin and improving to ‘bullish’ from the ‘neutral’ zone for Ethereum.

What Is Retail Saying?

Many users on Stocktwits expect news around the CLARITY Act to push Bitcoin’s price higher, with the Trump administration pushing back on banks.

One user even said they expect Bitcoin to print a new all time high by the end of the month.

Why Is Crypto Rising – Bitcoin Bottom Or Short Squeeze?

The overall cryptocurrency market rose more than 5% in the last 24 hours to cross $2.5 trillion. According to crypto analyst PlanC, Bitcoin is unlikely to show another drop. “The Bitcoin low of 2026 is in,” he wrote in a post on X. “Those calling for and waiting for $30,000 to $40,000 were wrong and will be sidelined unless they chase.”

Others took a more cautious stance. According to crypto charter Keith Alan, Bitcoin’s current price movement looks like a short squeeze. If BTC’s price keeps rising, it could face resistance between $75,000 and $78,000. On the other hand, he warned that the price movement is building to a “death cross” next week – with the 21-week moving average cutting the 100-week moving average from below – which signals downside risk ahead, unless a bullish catalyst appears to push the price higher.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<