Bitcoin shorts were hit hard on Thursday as the cryptocurrency soared to an all-time high, leading to over $1 billion in short positions being liquidated within 24 hours.
According to CoinGlass, $1.01 billion in cryptocurrency short positions were liquidated, affecting 232,149 traders.
This included approximately $570 million in Bitcoin (BTC) shorts and $206.93 million in Ethereum (ETH) shorts.
The liquidations occurred as Bitcoin set a new high for the second consecutive day—reaching $112,000 on Wednesday (July 9) and $116,500 on Thursday, while Ethereum surged to $2,990 on Thursday.
Data from CoinMarketCap shows that the total market capitalization of cryptocurrencies skyrocketed by 4.4% in the past 24 hours, reaching $3.63 trillion.
"Bears can't believe it," crypto analyst Miles Deutscher said in a post on X on Thursday (July 10).
Crypto trader Daan Crypto Trades referred to it as a "massive short squeeze for BTC and ETH" on X.
Velo also expressed a similar sentiment, highlighting the significant liquidation event and stating, "A lot of emails are being sent."
One of the larger crypto liquidation events occurred on February 3, when over $2.24 billion was liquidated due to concerns over a global trade war sparked by U.S. President Donald Trump's executive order imposing import tariffs.
Earlier this week, some analysts were skeptical about Bitcoin reaching new highs.
Bitfinex analysts noted on Tuesday (July 8) that Bitcoin traders showed a "lack of follow-through" as BTC struggled to break through the current historical high.
"Bulls are hesitant or unable to significantly push prices higher without new catalysts or clearer macro signals," Bitfinex analysts stated on Tuesday when Bitcoin was trading around $108,500.
However, others were more bullish. Michael van de Poppe, founder of MN Trading Capital, stated on June 30 that "the inevitable breakout of Bitcoin to a new all-time high could happen within the coming week."
Currently, traders are betting on prices remaining stable or rising further.
If Bitcoin falls back to the $112,000 price from Wednesday (July 9), approximately $2.11 billion in long positions face liquidation risk.
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Original article: “Bears Can't Believe It” — $1 Billion in Crypto Shorts Liquidated as Bitcoin (BTC) Rises
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