Crypto Shorts Crushed as Bitcoin Surges Past All-Time High, $1B Liquidated in 24 Hours
Short sellers in the crypto market suffered major losses on Thursday as Bitcoin soared to new all-time highs, triggering over $1 billion in liquidations within just 24 hours. The rally pushed the market capitalization to fresh heights and left bearish traders in disbelief.
According to data from CoinGlass, a total of $1.01 billion in crypto short positions were liquidated, affecting approximately 232,149 traders. Among them, Bitcoin shorts accounted for roughly $570 million, while $206.9 million came from liquidated Ether (ETH) positions.
Massive Short Squeeze as Bitcoin Hits Consecutive Record Highs
Bitcoin (BTC) broke records on Wednesday at $112,000 and again on Thursday at $116,500, while Ethereum (ETH) surged to $2,990, sparking what many analysts described as a massive short squeeze.
Crypto market capitalization jumped 4.4% in the past 24 hours to reach $3.63 trillion, according to CoinMarketCap.
Crypto trader Miles Deutscher commented on X (formerly Twitter), saying: “Bears in disbelief,” while fellow trader Daan Crypto Trades noted, “MASSIVE short squeeze on BTC & ETH.” Analyst Velo added, “Lots of emails are being sent,” referring to liquidation alerts hitting traders’ inboxes.
Traders Were Divided Ahead of the Breakout
Earlier this week, market sentiment was split. Some analysts questioned whether Bitcoin could break through its resistance levels without a clear macroeconomic catalyst.
Bitfinex analysts noted on Tuesday that “Bitcoin traders were showing a lack of follow-through strength,” and that “bulls were hesitant or unable to push prices significantly higher.”
In contrast, Michaël van de Poppe, founder of MN Trading Capital, predicted on June 30 that “the inevitable breakout to an ATH [all-time high] might even happen during the upcoming week.”
Outlook: Will the Rally Hold?
As of now, bullish momentum dominates the market. However, analysts are warning that if Bitcoin retraces to $112,000, roughly $2.11 billion in long positions could be at risk of liquidation.
With volatility running high, all eyes are on whether the surge can be sustained — or if another shakeout lies ahead.
