Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

Bitcoin's Price Surge to $104K Liquidates Nearly $400M in Bearish BTC Bets

Bitcoin's rapid price rally has caught traders off guard, triggering large liquidations of bearish short positions.

The leading cryptocurrency by market value has risen over 2% to $102,802 in the past 24 hours, with prices topping $104,000 at one point, the highest since Jan. 31. The bullish move came as President Donald Trump announced a comprehensive trade deal with the U.K. and the cumulative inflows into the spot exchange-traded funds (ETFs) hit a record high above $40 billion.

Nearly $400 million in BTC short positions were liquidated in the past24 hours-marking the highest single-day total since at least November, according to Coinglass. Meanwhile, $22 million in long positions were also wiped out.

In $2.9B Deal, Coinbase Buys Deribit to Expand in U.S. Crypto Options Market

Coinbase has agreed to pay $2.9 billion to buy bitcoin (BTC) and ether (ETH) options platform Deribit, accordingto a press release, marking its official push into the highly profitable crypto derivatives market in the U.S.

The crypto exchange, alongside competitor Kraken, had been in talks to buy Deribit for months, with Bloomberg reporting that options giant could be valued at $4 billion to $5 billion.

Meta in talks to deploy stablecoins three years after giving up on landmark crypto project

In 2019, Meta announced an audacious project: a new cryptocurrency that could be used across Facebook, WhatsApp, and a host of other digital platforms. The company, though, pulled the plug on its plans in the face of withering opposition from Congress and other lawmakers. Now, Meta is testing the crypto waters again. According to five sources familiar with the matter, the company is in discussions with crypto firms to introduce stablecoins as a means to manage payouts, and has also hired a vice president of product with crypto experience to help shepherd the discussions. All five sources, whose identities are known to Fortune, spoke on the condition of anonymity to talk about private business dealings.

Meta declined to comment.

Stablecoins, a form of nonvolatile cryptocurrency typically pegged to the U.S. dollar, have long been a buzzy product in the blockchain industry, but the Biden administration’s vigorous anti-crypto policies limited their mainstream adoption. Donald Trump’s election last November, however, along with the recent $1.1 billion acquisition of the stablecoin startup Bridge by payment giant Stripe, have spurred their use in the broader financial world, especially as a form of cross-border payments.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was 117.46 million. The total net asset value of Bitcoin spot ETFs is $118.66 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.82%.

The Bitcoin spot ETF with the highest net inflow on May. 8 was iShares Bitcoin Trust, with a net inflow of $69 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net outflow of 35.34 million, according to SoSoValue.