Cryptocurrencies

Bitcoin Rally Sees $700 Million in Bearish Crypto Bets Wiped Out

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By Ryan Weeks, Suvashree Ghosh, and Sidhartha Shukla

January 14, 2026 at 3:27 AM UTC

Updated on

January 14, 2026 at 4:56 PM UTC

Bitcoin advanced to a two-month high, finally joining the rally in risk assets and precious metals after spending weeks stuck in a tight range.

The original digital asset rose as much as 3.9% to $97,694 on Wednesday, its highest intra-day level since Nov. 14, when it last touched $100,000. Ether, the second-largest token, surged as much as 6%. In options markets, the rally has erased more than half a billion dollars in bearish crypto bets.