Bitcoin briefly topped $110,000 Thursday morning, sparking over $331 million in liquidations across the crypto market—the bulk of which were short positions.

The price of Bitcoin has since slipped back to $109,720, up 1.8% on the day according to CoinGecko data—just 1.8% from last month's all-time high of $111,814.

As a result of this movement, over $101 million in short BTC positions were liquidated over the past 24 hours, according to CoinGlass. Ethereum painted a similar picture, with $91.2 million in shorts liquidated. In total, over $280 million in shorts were liquidated across the entire crypto market over the last day.

All of this movement came following the release of the ADP National Employment Report, which showed U.S. private payrolls fell last month for the first time since 2023.

"Following the release, markets swiftly adjusted their expectations for Fed policy, with the probability of a July rate cut rising to 25.3%," an analyst at derivatives exchange Bitunix said in a note shared with Decrypt. "Gold climbed, while the U.S. dollar came under pressure. The crypto market reacted positively, with major assets rebounding amid volatility."

Ethereum has climbed 5.5% over the past 24 hours, according to CoinGecko, as it hovers around $2,600—the highest it's been since mid-June. The global cryptocurrency market cap has fallen 0.3% over the past 24 hours, according to CoinGecko, to a total of $3.48 trillion. Major movers include XRP up 4.9%, Dogecoin 7.3%, and Cardano 7%.

Solana has also jumped 3.6% following the debut of the U.S. Rex-Osprey Solana + Staking ETF, generating $12 million in first-day inflows on Wednesday. The SEC is expected to approve several other crypto ETFs this year, with a basket of other Solana funds waiting in the wings.

U.S. spot Bitcoin ETFs saw inflows of $407.8 million on Wednesday, according to Farside, with Fidelity's FBTC leading the way, taking in $184 million. Ethereum ETFs, meanwhile, saw $1.9 million in outflows on Wednesday according to Farside.

"BTC has broken through its short-term descending trendline," the Bitunix analyst said, noting that the cryptocurrency is, "approaching the key resistance level at $110,348. Support lies in the $105,000 to $102,560 zone; if the price pulls back but holds above these levels, the bullish momentum may continue."

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