Bitcoin (BTC) has surged today, peaking at $65,499 during the morning trading hours. Out of a total crypto trade volume of $95.27 billion, BTC represented $32.04 billion of that activity. After reaching the $65K mark at 10:15 a.m. Eastern Time, bitcoin’s price quickly settled into the mid-$64K range, but by 11:40 a.m., it had returned above $65K once again.

In the past 24 hours, approximately $21.19 million in BTC shorts were liquidated, alongside $12.46 million in longs, contributing to a total of $131 million in liquidations across the crypto market. This included $66.5 million in long positions and $64.4 million in shorts. A total of around 54,129 traders were affected by these liquidations as the market rallied.

Additionally, a significant quarterly options expiry is set for Friday, with around $9 billion in BTC and ETH contracts due for settlement. Open interest in futures and options has been steadily increasing, alongside positive inflows into spot bitcoin and ether exchange-traded funds (ETFs) over recent days.