TLDR
- Bitcoin hit a new all-time high of $118,000, triggering over $1 billion in short position liquidations within 24 hours
- Approximately 237,000 traders were liquidated, with $1.01 billion coming from short sellers – the largest short-side wipeout of 2025
- The cryptocurrency market cap grew 4.4% to $3.63 trillion as major altcoins like Ethereum, Solana, and XRP posted gains
- U.S. spot Bitcoin ETFs surpassed $50 billion in cumulative flows, with institutional demand from companies like MicroStrategy and Tesla
- Strong equity markets and gold hitting record highs at $3,370 per ounce created favorable conditions for risk assets
Bitcoin reached a new all-time high of $118,000 on Thursday, causing the largest short liquidation event of 2025. The dramatic price surge wiped out over $1 billion in short positions across cryptocurrency exchanges.
Data from CoinGlass shows that $1.13 billion in total positions were liquidated over 24 hours. Short sellers bore the brunt of the damage with $1.01 billion in liquidations.
The liquidation event affected 237,000 traders globally. The single largest position was an $88.5 million BTC-USDT short on HTX exchange.
Bitcoin futures led the carnage with $590 million in liquidations. Ethereum futures followed with $241 million, while other major cryptocurrencies also saw substantial liquidations.
The price surge began Wednesday when Bitcoin first broke $112,000. It continued climbing Thursday, briefly touching $116,553 before pushing even higher to $118,000.
Exchange Breakdown Shows Concentrated Losses
Bybit exchange recorded the highest liquidation volume at $461 million. Over 93% of these liquidations were short positions.
Binance and HTX followed with $204 million and $193 million in liquidations respectively. The concentration of losses on specific exchanges highlighted the aggressive betting against Bitcoin’s rise.
Earlier in the week, some analysts expressed skepticism about Bitcoin reaching new highs. Bitfinex analysts noted on Tuesday that traders showed “lack of follow-through strength” when Bitcoin traded around $108,500.
The sharp reversal caught many traders off guard. Crypto analyst Miles Deutscher posted “Bears in disbelief” on social media platform X as prices soared.
$833m in shorts liquidated in the past 24 hours
Bears in disbelief pic.twitter.com/8WJev6XMKG
— Miles Deutscher (@milesdeutscher) July 10, 2025
Institutional demand continued supporting Bitcoin’s rise. U.S. spot Bitcoin ETFs accumulated over $50 billion in total inflows since their launch.
Corporate treasuries added to buying pressure. MicroStrategy, Tesla, and GameStop continued accumulating Bitcoin for their balance sheets.
Broader Market Rally Lifts All Boats
The cryptocurrency market capitalization increased 4.4% to $3.63 trillion. Major altcoins posted gains alongside Bitcoin’s surge.
Ethereum rose 3.2% to $2,990. Solana gained 2.7%, while XRP jumped 4.7% on speculation about potential ETF approvals.
Traditional markets also performed strongly. The S&P 500 and Nasdaq Composite reached record closes for the third time in four sessions.
Gold futures hit an all-time high of $3,370 per ounce. The broad risk-on sentiment across asset classes created favorable conditions for cryptocurrency gains.
Bitcoin’s move came despite stronger than expected U.S. employment data. June non-farm payrolls increased by 147,000, beating forecasts of 110,000.
The cryptocurrency briefly dipped below $109,000 following the jobs report. Markets quickly absorbed the news and Bitcoin resumed its upward trajectory.
Open interest on Bitcoin futures rose $2 billion in just four hours. The long-short ratio favored bullish bets at 52%, indicating traders expect further price increases.
Bitcoin now trades in “price discovery” territory above previous all-time highs. Technical resistance becomes mostly psychological in this zone as no historical price levels exist for guidance.
The Crypto Fear & Greed Index remained at 71, indicating “Greed” sentiment. This was down slightly from last week’s score of 73.