Traders have lost over $178 million in bearish bets on bitcoin in the past 24 hours as prices surged past a critical resistance level. Bitcoin-tracked futures accounted for almost 50% of the total $400 million in crypto liquidations over Monday, with Binance, Huobi and OKX seeing liquidations worth $50 million each.

The spike in bitcoin prices was likely driven by lower volumes and outsized demand, and attributed to the ticker registration of Blackrock's spot bitcoin ETF, which is still under consideration with the SEC. This has raised hopes of a bullish revival of the crypto market, which has been in a general lull over the past few months.