[DigitalToday reporter Yoonseo Lee (이윤서)] Bitcoin surged to the $74,000 range, triggering $540 million of liquidations in the crypto derivatives market. On April 14, blockchain outlet BeInCrypto reported that losses from the spike were concentrated in short positions.

CoinGlass data showed 169,525 traders were liquidated over the period. Short-position losses accounted for $440 million, or 81 percent, of total liquidations. Long-position losses were about $100 million. The impact was concentrated among investors who had bet on a decline.

By token, Bitcoin had the largest liquidations at $236 million. Ethereum followed at $143 million, with RAVE at $35 million and Solana at $11.37 million. By single liquidation order, the largest case was a $12.4 million BTC-USDT position on ASTER, the data showed.

Prices of major cryptocurrencies also rose broadly. Ethereum gained 9.4 percent to $2,388, and Solana rose 5.2 percent to $86.10. The move was seen as reflecting buying spreading across altcoins after Bitcoin climbed above $74,000.

Expectations of easing geopolitical tensions and institutional buying were cited together as factors behind the surge. U.S. President Donald Trump said on April 14 that "Iran desperately wants a deal." Analysts said risk appetite revived as the possibility of renewed negotiations was discussed even after weekend ceasefire talks collapsed.

Institutional demand also supported the rise. Strategy bought an additional 13,927 bitcoin, worth about $1 billion, from April 6 to 12. The company’s total bitcoin holdings rose to 780,897 bitcoin. That equals about 3.7 percent of bitcoin’s total supply of 21 million.

The market had built up excessive short positions ahead of the weekend. With expectations of easing geopolitical pressure overlapping with large institutional buying, highly leveraged short positions were seen as being liquidated in a chain reaction.

Some observers also said whether the rally continues depends on whether talks between the United States and Iran resume. Bitcoin’s sharp short-term rise created a short squeeze, but its direction afterward is likely to be shaped by geopolitical variables and whether additional funds flow in.