Bitcoin Rockets Past $118K, Leads to Over $1B Shorts Getting Liquidated

Bitcoin (BTC) blew past $118,000, resulting successful the biggest bloodbath of the twelvemonth for leveraged bears.

In the past 24 hours, implicit $1.13 cardinal successful positions were liquidated, with a staggering $1.01 cardinal of that coming from abbreviated sellers, marking the largest short-side wipeout of 2025 truthful far.
Open involvement connected BTC-tracked futures roseate $2 cardinal successful the past 4 hours with the long-short ratio skewed successful favour of bullish bets astatine 52%, indicative of rising bets connected further increases.
The determination was led by bitcoin (BTC) futures, which triggered $590 cardinal successful liquidations, followed by ether futures astatine $241 million.

Roughly 237,000 traders were liquidated successful total, with the azygous largest deed being an $88.5 cardinal BTC-USDT abbreviated connected HTX. The standard and imbalance of liquidations — astir 90% of each positions were shorts — bespeak conscionable however aggressively traders were betting against the rally.

Most of the harm was absorbed by Bybit and HTX. Bybit unsocial saw $461 cardinal successful full liquidations, with implicit 93% of that connected the abbreviated side. Binance and HTX followed, signaling $204 cardinal and $193 million, respectively.

Short liquidations hap erstwhile traders get superior to stake against rising prices, lone to get forcibly closed retired erstwhile the marketplace moves against them. These events are reflexive, meaning they not lone fastener successful losses but often accelerate upward momentum arsenic positions are force-sold into a rising market.

The latest liquidation spike comes amid renewed optimism successful crypto markets pursuing signals of argumentation question successful the U.S. and spot successful equities. Bitcoin acceptable caller all-time highs precocious Thursday, portion XRP (XRP), ether (ETH), dogecoin (DOGE) and Solana’s SOL (SOL) roseate arsenic overmuch arsenic 5% connected varied narratives.

UPDATE (July 11, 05:23 UTC): Updates header and communicative with latest prices.
UPDATE (July 11, 06:07 UTC): Updates headline.