Bybit sees $593M in short liquidations as Bitcoin swings between $74K-$78K

Bybit reported $593M in short liquidations as Bitcoin moved between $74,000 and $78,000. The Polymarket contract for Bitcoin reaching $200,000 by December 31, 2026, sits at 5% YES.

Market reaction

The response is muted given the volatility. Spot ETFs saw $1B in net inflows, but the December 31, 2026, market for Bitcoin hitting $200,000 remains at 5% YES, unchanged over the past week. Daily volume is $10,272 in face value but only $505 in actual USDC, meaning very little real money is driving these odds.

Why it matters

On the Bitcoin all-time high predictions, odds for a new high by September 30, 2026, are at 10.5% YES, down from 12% a week ago. The biggest jump in this market’s term structure falls between June and September, which suggests traders expect a catalyst in mid-2026.

What to watch

The market is thin. It takes $1,589 to move the Bitcoin $200,000 contract 5 percentage points. The largest price move in the Bitcoin all-time high market was a 2-point spike at 3:34 PM, likely from a single large order.

Short liquidations and ETF inflows are generally bullish signals, but the flat odds suggest traders want something more concrete. The Trump administration’s potential use of ~200k seized BTC as a reserve asset would matter, but without specifics it remains speculation. At 5¢, a YES share pays $1 if Bitcoin hits $200,000, a 20x return. That bet requires aggressive regulatory and institutional support within the next 251 days.

Key triggers: legislative action on cryptocurrency regulation and any concrete announcements about the seized BTC reserve plan.

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