Digital asset traders 0x06bc and 0xec0b saw short positions of $16.13 million in Ethereum and $10.16 million in Bitcoin liquidated on Sept. 21 during a broad market rally. Bitcoin surpassed $85,000 and Ethereum broke above $2,750, triggering a wave of forced closures that wiped out more than $400 million in levered shorts over four hours.

The price action follows Bitcoin closing the week above its 50 week moving average for the first time since the start of the bear market. Market participants identified a "higher high" at $82,814, which mirrored a technical pattern seen on April 2, 2019, to signify that a new bullish trend had begun.