Bitcoin has experienced a significant surge, reaching its highest price since December 2021. The cryptocurrency breached the $57,000 mark, marking a notable resurgence. This rally has been accompanied by substantial activity in US-based spot Bitcoin ETFs and has led to a considerable amount of short position liquidations. Coinglass data reveals that $285 million was liquidated in the past 24 hours, including $211 million from short orders, affecting a total of 74,800 individuals. The largest single liquidation event was noted during this period. Additionally, the total market cap of the crypto market has now reached $2.25 trillion, more than double its recent low, adding $700 billion in value in less than two years. ETH also rose 4% to exceed $3,200. Over $191 million in BTC short positions and nearly $68 million in ETH shorts were liquidated. Bitcoin's price increase is over 250% from its previous low.