More than $1.13 billion worth of positions were liquidated in a single day. Unprecedented in the year, this massive wave of liquidations saw the short sellers bear the brunt, with $1.01 billion wiped out.
In other words? Hundreds of thousands of traders betting against Bitcoin’s rise have just been crushed.
ATH Bitcoin: a historic liquidation in a few hours
The liquidation machine went into overdrive: 237,000 accounts liquidated in just a few hours. The biggest loser? A short bet on BTC/USDT at $88.5 million on HTX.
This liquidation is not just a coincidence. It’s a harsh reminder that the majority of the market had not anticipated Bitcoin’s surge beyond $118,000. And when the rocket takes off without you, you crash and burn.
Bybit and HTX leading the charge
The hardest-hit platforms are where traders like to take risks:
- Bybit: $461 million in liquidations, with 93% on shorts
- HTX: $193 million
- Binance: $204 million
The data reveals one thing: the majority of the market was going against the trend, overexposed to the downside. As a result, positions were urgently closed, mechanically fueling price increases. It’s the typical snowball effect of leveraged markets.
Notably, only Bybit shares the complete liquidations on its platform, while most exchanges limit flows, making it difficult to obtain accurate data during violent movements.
A bullish spiral fueled by shorts
The phenomenon is well-known: when too many traders bet against the market, and the market rises… their positions are liquidated in succession. These liquidations trigger forced buying orders, which further amplifies the rise: it’s the short squeeze.
That’s exactly what’s happening: in a few hours, the open interest on BTC contracts surged by $2 billion, with a majority of positions now on the long side (52%).
The bears of 2025 have just been trampled.
A new bullish dynamic?
This bloodbath comes amidst a return of optimism. Traditional markets are rebounding, the Fed is showing signs of easing, and the crypto market is on fire.
Result: Bitcoin has hit a new ATH. And it’s not alone. ETH, XRP, Dogecoin, and Solana have all gained between 3 and 5% in the past few hours.
The market is shifting gears. Those who bet on a crash have been sidelined. And the coming days could continue to reward the bulls.
