Bitcoin's Short Squeeze Follows Trump's Ceasefire Claim; Oil Next

After President Donald Trump announced an immediate energy ceasefire in the Russia-Ukraine war, bitcoin (BTC) increased to $83,864 on Sunday. Neither Moscow nor Kyiv confirmed the agreement.

Since Friday, oil futures have been closed. When trading resumes in New York on Sunday evening, energy traders will have their first chance to price a truce that relies solely on a single social media post.

Why Crypto Short Sellers Paid for Trump's Post

On his Truth Social platform, Trump stated that both parties had reached an agreement and warned them not to break it. He gave no terms, start time, or way to verify compliance.

Effective Immediately: An ENERGY CEASEFIRE in the War between Russia and Ukraine.

— The White House (@WhiteHouse) October 11, 2026

Nevertheless, crypto markets moved. In the immediate aftermath, both bitcoin and ethereum posted gains, albeit modest ones.

The price increase hit traders betting on a fall. A liquidation occurs when an exchange forcibly closes a leveraged position that has lost too much.

Data from CoinGlass showed $70 million in short bets eliminated over four hours. Long liquidations totaled only $6.9 million.

In that window, shorts made up 97.1% of the $22.29 million liquidated on bitcoin. This response differs from June, when BTC barely moved on the Senate's Iran vote.

Ukrain Learned of the Truce From Trump

Ukrainian President Volodymr Zelensky called the announcement “news for me.” He then laid out his terms.

“If President Trump negotiated it with Putin, please tell us when the ceasefire begins. We are ready, and we will accept it,” Axios reported, citing Zelensky.

Moscow had not commented by press time. On October 8, Kremlin spokesman Dmitry Peskov said Russia saw no point in a sector-only ceasefire, reported the Kyiv Independent.

Trump made a similar claim in September. Neither side confirmed it, and both kept striking energy sites.

What the Oil Open Will Reval

West Texas Intermediate (WTI), the US crude benchmark, last settled at $91.66 a barrel. Brent, the global benchmark, closed at $104.42.

The war with Iran has already pushed fuel prices higher, according to BeInCrypto's tracking when oil passed $110 in April. Since then, Trump has eased sanctions on Russian diesel exports and urged Kyiv to stop attacking Russian refineries.

Bitcoin has already voted on the ceasefire. Oil, the market most exposed to it, votes next.