Bitcoin Hits $118K, Triggers Over $1B in Short Liquidations
Bitcoin’s explosive rally to a new all-time high of $118,000 has sent shockwaves through the derivatives market, triggering more than $1.11 billion in short position liquidations within a single day.
According to Coinglass data, the July 10 spike marked the most severe short squeeze of 2025 so far.
In total, more than 261,000 traders were liquidated, with the overall wipeout across both short and long positions reaching $1.24 billion. Longs accounted for just $120 million of that total, highlighting the overwhelming tilt in market sentiment.
The single largest liquidation was an $88.5 million BTC/USDT short position on HTX. Bybit led in total liquidations at $291 million, followed by HTX ($133M), Gate ($71.8M), OKX ($54.6M), and Binance ($54.5M).
The pressure wasn’t limited to Bitcoin. Ethereum surged 8.5%, leading to $215.22 million in short liquidations, with longs at just $43.4 million. Solana saw a 4% surge and XRP witnessed a major 8% uptick, with short liquidations vastly outpacing longs. DOGE, up nearly 11%, also saw short-side liquidations exceed $9.95 million.
In total, the top five cryptocurrencies experienced almost $910 million in short liquidations, compared to just $40 million in long positions, reinforcing the strength of the current bullish momentum.
As BTC continues to climb, bearish traders are facing steep losses—and the market shows no signs of slowing.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
