Bearish traders were hit with around $281 million in liquidations over the past 24 hours, nearly double the losses on long positions, as bitcoin rallied to its strongest level in two weeks. Ether gained close to 10% on the week, while solana surged about 19%, helped by a rebound in tech stocks that eased pressure from the AI-driven equity trade.

Ether and solana led the crypto market higher on Friday as a short squeeze pushed bitcoin toward $62,000, capping the sector’s strongest weekly performance since mid-June.

Bitcoin traded near $61,360, up about 2.5% over the past week, according to CoinDesk data. Ether rose 4.2% in the past 24 hours to around $1,702, lifting its weekly gain to 9.7%. Solana hovered near $80 with an 18.6% weekly advance, the strongest among major tokens. XRP added 5.7% over the week to $1.09, while Hyperliquid’s HYPE gained 5.1% on the day.

Short positions accounted for the bulk of losses, with $281 million in liquidations versus $159 million in longs, out of roughly $440 million in total forced closures affecting nearly 95,700 traders, according to Coinglass data.

The move was intensified by forced short covering, where traders buying back positions add fuel to rising prices as liquidations cascade through successive levels.

The largest single liquidation was an $18.2 million ether position on Hyperliquid. Ether led overall losses for bearish traders with $157 million in liquidations, compared with $103 million for bitcoin—an unusual skew in market stress.

Macro conditions also supported the rally. Weaker-than-expected U.S. jobs data for June reduced expectations of further Federal Reserve tightening and weighed on the dollar, according to Bloomberg.

Cooling labor data has eased pressure for restrictive policy that has been a headwind for crypto in recent months. Gold also extended gains for a third straight session as rate-hike bets faded.

Equity markets stabilized, with Asian stocks rebounding after two sessions of tech-led declines. South Korea’s Kospi rose 3% after briefly nearing bear-market territory.

Samsung Electronics jumped 6.8% after reports that AI firm Anthropic is in talks to produce a custom chip with the company, reinforcing continued momentum in AI infrastructure spending despite debate over its pace.

The stabilization in AI-linked equities has reduced near-term capital outflows from crypto, though it also revives competition for liquidity that has defined market flows this year.

The key question is whether the squeeze turns into sustained upside. While forced liquidations can drive sharp rallies, they do not always signal durable demand. U.S. spot bitcoin ETFs continue to see record outflows, and thinner liquidity heading into the third quarter could amplify volatility in both directions.