Bitcoin Blasts Above $121K, Wiping Out $680M in Crypto Short Positions
Bitcoin’s surge past $121,000 has unleashed massive volatility across the crypto market, sparking over $680 million in liquidations in the past 24 hours. Short traders suffered the worst damage, with roughly $426 million in bearish positions wiped out, according to data from Coinglass.
The single largest loss came from a $92.5 million short bet on BTC liquidated on HTX, highlighting the scale of the market shakeout and making this one of the biggest weekend liquidation events in recent months.
- Bitcoin (BTC) alone saw $291 million in forced liquidations.
- Ether (ETH) futures followed with $68 million liquidated.
- XRP faced $17 million in liquidations.
Altcoins such as Stellar’s XLM and Pepecoin (PEPE) also experienced notable liquidation activity, suggesting that the squeeze extended well beyond the major cryptocurrencies.
In contrast, Dogecoin (DOGE), Solana’s SOL, and SUI saw open interest rise, yet faced relatively modest losses, pointing to stronger spot-driven demand rather than heavy speculative leverage.
Liquidations occur when traders who use borrowed funds are forced to close positions after failing to meet margin requirements. Though often painful for traders caught offside, these events serve to flush out excess leverage, stabilize markets, and pave the way for new trends.
Bitcoin’s rally over the past week has also fueled gains across the broader crypto market. Traders say the market’s structure is increasingly shaped by institutional participation, with many now setting their sights on $130,000 as the next key level for BTC.
