The cryptocurrency market has shown impressive results in recent days due to the surge of Bitcoin and the growing activity of traders on PowerTrade. Major events have intensified the atmosphere and led to short squeezes.
Short Squeeze and Bitcoin's Rise
Bitcoin's recent rise was a surprise for bearish traders, triggering the **largest short squeeze in four years**. On Thursday alone, more than **$2.4 billion** in short positions were liquidated, with nearly 100,000 traders wiped out within 24 hours. This led to a significant increase in BTC's price. Reports from traders showed that sentiment among our users was overwhelmingly bullish, contributing to an uptick in call option purchases. One whale executed a blockbuster **$13 million worth of long-dated BTC calls** (March 2026 expiry).
Altcoins and Memecoins Surge
Amid the overall recovery of cryptocurrency assets, **altcoins also rallied**. Ethereum (**ETH**) jumped approximately **16%** in a week, finally breaking through the $3000 level, aided by high **ETF inflows**. Several major altcoins saw noticeable gains: **XRP** surged by **31%** over the week, approaching $3 as it attracted the attention of traders. Memecoins and smaller alts also exhibited upward dynamics, with many obscure tokens soaring hundreds of percent in mere days.
PowerTrade User Activity
Trading activity on the **PowerTrade platform hit yearly highs**. Notable transactions included a large number of options trades, reflecting the rising confidence from institutional investors. Among standout trades was a **whale call spread on BTC** executed by a major institution. Retail traders also became active in meme coin trading, increasing positions on options. Activity surged in **BONK** and **PENGU** options as users continued seeking profit opportunities.
The week ending July 13, 2025, marked a significant upturn in the cryptocurrency market, which appears to be reviving. There is hope for further consolidation of Bitcoin and altcoin positions, especially in light of developing news and clearer regulatory environments.
