Oh, the irony of fate! The latest breakout of Bitcoin (BTC) did not merely set new records; it orchestrated a grand spectacle of liquidation, wiping out tens of thousands of traders in one of the most brutal short squeezes the market has witnessed in years. 🎉
Fueled by the rising tide of momentum and the insatiable appetite of institutional investors, Bitcoin has ascended like a phoenix over the past few days, soaring to a new all-time high of $118,000. One can almost hear the collective sigh of relief from the bulls, mingled with the groans of the shorts. 🤷♂️
The uptrend unleashed a tempest of liquidations across the market, with short sellers bearing the brunt of the storm. According to CoinGlass, more than $1 billion in short positions were obliterated in the past 24 hours alone, marking the largest daily liquidation event in four years. A veritable bloodbath, one might say. 😢
The largest day of short liquidation in 4 years.😢
— CoinGlass (@coinglass_com) July 11, 2025
Over 232,000 traders found themselves caught in this maelstrom. Bitcoin shorts bore the heaviest losses, with $570 million wiped out, while Ether (ETH) shorts added another $206.9 million to the tally as ETH climbed to $3,000. Even the altcoins, those often-forgotten stepchildren of the crypto world, were not spared, with dozens of high-leverage positions crushed as prices surged across the board. 🌊
The scale of the squeeze was so vast that it lit up liquidation heatmaps across major exchanges like a fireworks display. High-leverage trades were obliterated as prices broke past key levels. The biggest single loss was a staggering $88.55 million on HTX, and Binance saw about 5,000 BTC liquidated. One can almost imagine the traders’ faces as they watched their positions vanish into thin air. 😂
With BTC now holding close to $118,000, analysts predict that the rally will continue. The spike in liquidations is underpinned by strong fundamentals: institutional inflows into spot Bitcoin ETFs have soared, macro sentiment is improving, and risk appetite across markets is broadening. 📈
Together, these factors are fortifying bullish conviction. Bitwise CEO Hunter Horsley, ever the optimist, forecasts that the positive trend will persist. He believes that Bitcoin is “detaching from the $100,000 range,” predicting that the asset could reach up to $200,000 by year-end. One can only hope that the shorts have learned their lesson and will not be so quick to bet against the indomitable spirit of Bitcoin. 🚀
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2025-07-11 17:48