Bitcoin New ATH $118,000, Liquidate Over $1 Billion in Short Positions
After hit a consecutive new ATH in the last couples of days, in level 112K and 116K, recently Bitcoin (BTC) hit another all-time-high at 118K level, and erase a gigantic amount of short positions.
Key Takeaways:
Hide- Bitcoin’s climb above $118,000 on July 11 erased $1.11 billion in short positions.
- July 10 marked the biggest single-day short-liquidation event this year.
- Almost $120 million in long contracts were also liquidated.
- A total of 261,866 traders were liquidated, totaling $1.24 billion in forced exits.
- The largest individual wipeout was an $88.55 million BTC/USDT short on HTX.
- Bybit led with $291 million liquidated (98% shorts), followed by HTX, Gate, OKX, and Binance.
- Across major tokens, shorts vastly outnumbered longs, with the top five cryptos seeing $720 million in shorts vs. $40 million in longs.
Bitcoin’s Breakout Sparks Liquidations
Bitcoin (BTC) climb to a fresh record above $118,000 unleashed a torrent of liquidations, eliminating more than $1.11 billion in short wagers over the 24 hours ending July 11.
Coinglass data shows July 10’s short-liquidation total is this year’s single largest, eclipsing the prior peak on May 10.
By contrast, long positions worth nearly $120 million were also forcibly closed, highlighting renewed bullish conviction.
Altogether, 261,866 traders were wiped out, with forced liquidations summing to $1.24 billion.
The single biggest blow occurred when an $88.55 million BTC/USDT short on HTX was liquidated.
Major Venues Drive the Bulk of Liquidations
Bybit led all exchanges, seeing $291 million in liquidations—over 98% of which were shorts. HTX followed with $133 million, then Gate ($71.8 M), OKX ($54.61 M), and Binance ($54.56 M).
Across every leading crypto, short squeezes dwarfed long liquidations in the past day, reflecting a sharp price surge that upended bearish bets.
With Bitcoin up 4.82%, it bore the brunt: $547.59 million of shorts closed versus $12.13 million of longs.
Ethereum’s 7.04% gain triggered $149.09 million in short liquidations and $22.79 million in long closures.
Solana and XRP each rose over 4%, with $14.34 M vs. $3 M and $10.98 M vs. $1.15 M liquidated in shorts vs. longs, respectively.
Dogecoin (DOGE) shows a 5.91% advance saw $4.73 million of shorts and $1.58 million of longs liquidated.
In total, the top five cryptos accounted for over $720 million in short-liquidation losses versus roughly $40 million in longs.
Final Take
Current price surge at 118K lead a massive liquidation in short position, even hit the records of this year. Many traders not anticipate it due to previous trend that often closed with another low. With this progress, many of alts shows a strong green.
