London$647.9 million of short bets were liquidated in 24 hours.
Bitcoin traded at $84,984 Monday, up 5.4% in a day and above its 4 September high.
Forced closures of shorts create forced buying, and Coinglass figures put bitcoin shorts at $277.5 million of the total.
Open interest still rose 7.59% to $156 billion, so traders are replacing positions rather than retreating.
Volume rose 39% to $224 billion.
How each outlet framed it
drawn from 100+ reports worldwide
- CoinDesk
- frames move as forced buying (liquidation cascade) rather than conviction, traders replacing positions despite $746M shorts liquidated
Sources: CoinDesk