Bitcoin, Ethereum, and XRP Hit Weekly Highs as Short Sellers Face Losses

Bitcoin, Ethereum, and XRP advanced to their highest levels of the week, triggering significant losses for short-position holders across the cryptocurrency derivatives market. The broad-based rally extended to dozens of digital assets, with several altcoins posting double-digit gains.

Bitcoin traded at $61,630, up 2.49% on the day. Ethereum climbed 4.55% to $1,694.68, while XRP rose 2.68% to $1.089. The simultaneous move higher in all three major assets squeezed traders who had placed bets on falling prices.

Among altcoins, Uniswap (UNI) recorded one of the sharpest single-day moves, surging 16.29% to $3.26. The M token led percentage gains at 37.43%, reaching $1.46. Other notable movers included SLX (+25.45%), B (+14.93%), ULTIMA (+14.95%), and BEAT (+12.36%).

Solana (SOL) added 3.95% to reach $80.78, while Chainlink (LINK) gained 4.93% to $7.76. Avalanche (AVAX) was a relative underperformer among large-cap assets, rising just 0.37% to $6.75.

Zcash (ZEC) posted a 6.61% gain to $440.81, and NEAR Protocol advanced 6.54% to $1.94. Cardano (ADA) rose 3.03% to $0.159164, and Polkadot (DOT) edged up 0.92% to $0.846042.

On the downside, dYdX (DYDX) was the session's most notable loser, plunging 26.01% to $0.135003. VELVET dropped 62.92% to $0.527163, while TAC fell 14.05% to $0.0381835. JTO declined 3.70% to $0.753012, and GNO lost 4.83% to $103.58.

In the DeFi sector, Aave (AAVE) traded at $87.11, up 1.20%, and Pendle (PENDLE) surged 10.89% to $1.52. Morpho (MORPHO) gained 2.04% to $2.13.

Major stablecoins held their pegs. USDC traded at $0.999797, Tether-adjacent instruments remained near $1.00, and gold-backed tokens PAXG and XAUT were priced at $4,101.12 and $4,097.44, respectively, each up approximately 0.95% in line with gold market movements.

Among exchange tokens, BNB rose 1.38% to $560.94. OKB slipped 0.60% to $80.22, while WBT gained 1.44% to $55.65. Cronos (CRO) advanced 2.84% to $0.056274.

Meme coins showed mixed performance. Dogecoin (DOGE) added 1.27% to $0.074208, and PEPE climbed 3.10% to $0.00000243. Shiba Inu (SHIB) was roughly flat, down 0.09% at $0.00000431.

The broader market rally coincided with heightened volatility in derivatives markets, where short sellers across Bitcoin, Ethereum, and XRP positions recorded cumulative losses as prices broke through key weekly resistance levels. No single catalyst was identified in available data at the time of publication.