Over $1.1 billion shorts obliterated as Bitcoin hits $118k – CoinJournal

Over .1 billion shorts obliterated as Bitcoin hits 8k – CoinJournal

  • Bitcoin noticed a 5% every day surge that pushed BTC to a brand new all-time excessive above $118,000.
  • The sudden features had shorts worn out, with over $1.1 billion in brief positions liquidated in 24 hours.
  • A dealer on HTX was liquidated for $88 million.

A spark of bullish momentum has seen Bitcoin smash by way of the $118,000 mark at the moment, setting a brand new all-time excessive.

The sharp transfer that had BTC transferring from off the $110k low has triggered an enormous wave of liquidations, which have worn out over $1 billion in brief positions throughout the cryptocurrency market prior to now 24 hours.

The surge, fueled by institutional demand, regulatory readability, and macroeconomic shifts, has despatched shockwaves by way of the crypto house, leaving merchants and analysts scrambling to foretell what’s subsequent for the world’s largest digital asset

Shorts see crimson amid $1.2 billion in liquidations

Bitcoin, the crypto market’s bellwether, surged to a brand new all-time excessive of $118,403 on Friday, July 2025.

<em>Bitcoin value on the 7 day chart by CoinMarketCap</em>

Sturdy institutional demand and $1.18 billion in internet inflows to Bitcoin spot ETFs on July 10 highlighted this transfer.

Macro headwinds, with buyers factoring in attainable Fed fee cuts, have additionally added to the upside gas.

This rally triggered an enormous brief squeeze, with over $1.2 billion in crypto liquidations prior to now 24 hours, a 140% enhance from the prior day.

Probably the most dramatic fallout from Bitcoin’s surge was the annihilation of short-sellers.

Over $1.11 billion in brief contracts had been liquidated prior to now 24 hours, with $635 million tied to Bitcoin and $208 million to Ether, affecting 269,681 merchants.

One notable casualty was a single dealer on the HTX trade, whose $88 million brief place was worn out, underscoring the depth of the market’s upward momentum.

Whales make strikes as Bitcoin surges

With Bitcoin breaking a brand new all-time excessive, massive holders had been eager to maintain maintain of their windfalls.

It included a Binance whale’s “powerful punch” that helped the market larger. CryptoQuant highlighted this in a publish on X.

“Until recently, whales on the US-based Coinbase exchange were driving the market, but today’s surge was driven by a significant move from a major whale on the Binance exchange,” mentioned CryptoQuant’s DanCoinInvestor.

Whereas others purchased BTC, some scrambled to protect their positions amid large liquidations.

Based on Lookonchain, a whale who was down by greater than $10 million on a 1,135 BTC or $132.65 million brief place, opted to deposit extra funds to keep away from liquidation.

The whale added the $5.5 million USDC to his place on Hyperliquid with a brand new liquidation value of $121,080.

James Wynn, just lately within the headlines for main losses, has additionally seen positions worn out within the final 24 hours.

As BTC eyes additional features, analysts are saying the supply-side dynamics are tightening.

As an example, Glassnode has famous that long-term holders and smaller entities are accumulating Bitcoin quicker than its issuance fee.

This accumulation, coupled with compressed volatility throughout all timeframes, has set the stage for Bitcoin’s breakout, with analysts eyeing $120,000 as the subsequent psychological goal.

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