Short sellers faced $230 million in liquidations during a one hour window on Sept. 18 as Bitcoin climbed past $80,000. The digital asset hit a high of $81,000 during the surge, which also pushed shares of Coinbase higher by 12.76%. These liquidations occurred as the market broke through a psychological price barrier, forcing a rapid exit for bearish traders.

The rally follows a period of trading below the $80,000 threshold, which the asset regained on Sept. 18. The sudden price increase triggered a cascade of forced closures in the futures market as traders were unable to maintain their short positions throughout the afternoon.