Bitcoin's sudden and sharp rally just cost crypto bears $178 million in 24 hours

• Bitcoin jumped more than 12% to $35,000 Tuesday, its highest level since May 2022.
• Bearish crypto traders have lost roughly $178 million over the last 24 hours, a CoinDesk report showed.
• Speculation around approval of a spot bitcoin ETF has fueled a rally across bitcoin, ether, and other tokens.

Bitcoin jumped as high as $35,200 on Tuesday, catching bearish crypto traders by surprise with a CoinDesk report showing $178 million in losses over the past 24 hours.