Bitcoin Surges Above $118K, Triggers Over $1B in Short Liquidations
Bitcoin (BTC) has blasted past the $118,000 mark, sparking the year’s biggest liquidation event for traders betting against the cryptocurrency’s rally.
Over the past 24 hours, liquidations totaled more than $1.13 billion, with a staggering $1.01 billion wiped out from short positions alone—the highest short-side liquidation tally seen so far in 2025.
Futures tied to bitcoin accounted for $590 million of the liquidations, while ether (ETH) futures saw about $241 million in liquidated positions.
Open interest in bitcoin futures climbed by $2 billion in the last four hours, reflecting a growing tilt toward bullish sentiment, with the long-to-short ratio leaning slightly positive at 52%.
Roughly 237,000 traders were liquidated across the market. The largest single loss involved an $88.5 million BTC-USDT short position on the HTX exchange. Nearly 90% of all liquidated positions were short bets, underscoring how traders had been heavily wagering on a price reversal.
Among exchanges, Bybit bore the brunt of the turmoil, recording $461 million in liquidations, with more than 93% stemming from short positions. Binance and HTX followed, with $204 million and $193 million in liquidations, respectively.
Short liquidations occur when traders who bet on falling prices are forced to close out positions as prices climb, often accelerating price increases further as exchanges automatically buy back positions to cover losses.
Bitcoin’s dramatic surge comes amid renewed optimism in crypto markets, buoyed by potential policy shifts in the U.S. and strong performance in equities. BTC set fresh all-time highs late Thursday, while other cryptocurrencies—including XRP ($2.7601), ether, dogecoin (DOGE $0.2032), and Solana’s SOL—also posted gains of up to 5%, each driven by its own market catalysts.
