- Over $1 billion in short liquidations occurred in one day as Bitcoin surged to $118,000.
- More than 232,000 traders were impacted by forced liquidations across Bitcoin, Ether, and altcoin positions.
- Institutional inflows into Bitcoin ETFs and positive market sentiment continue to fuel the bullish trend.
Bitcoin surged to a new all-time high of $118,000, driving one of the largest liquidation events in recent years. In just 24 hours, over $1 billion in leveraged short positions were wiped out as traders faced mounting losses from the rapid rally. The sharp move forced over 232,000 traders out of their positions, highlighting the strength of bullish momentum in the market.
The majority of the liquidations were concentrated in Bitcoin trades, which accounted for $570 million. Ether also saw major liquidations, with $206.9 million in short positions cleared as it crossed the $3,000 mark. Altcoins followed suit, as leveraged positions across multiple assets were forcibly closed when prices broke past critical resistance levels.
HTX and Binance see the largest liquidations
Exchange data showed that HTX recorded the largest single liquidation loss of $88.55 million. Binance also experienced significant volume, with roughly 5,000 BTC liquidated as the price climbed. These liquidation clusters were visible across all major exchanges, confirming the broad impact of the move.
The rally has been backed by good fundamentals. Institutional inflows have been steady in the spot Bitcoin ETFs, jacking up demand. Concurrently, the gaining macroeconomic sentiment has restored risk-seeking tendency in investors and added to the price advance.
According to market analysts, the trend is being compounded by high inflows, positive market sentiment, and strong technical breakouts. Bitwise CEO Hunter Horsley believes that Bitcoin has probably escaped the range of $100,000. He indicates a further rise, and we can expect it to get to at least 200,000 by the end of this year in case the existing factors remain the same.
